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C H A N N E L
I S L A N D S
B U S I N E S S
M A G A Z I N E
Sept / Oct 2017
MEET THE BOSS
John O'NEILL VIEWPOINT
THE WAY AHEAD
VITAL ATTRACTION
Richard Digard queries who or what is asking our island governments whether they are the best they can be?
We hear from Guernsey Chamber’s new director on his vision for the organisation going forward
How do our islands go about attracting new businesses and residents to our shores? Learn more about their individual strategies
C ONTA C T I S W H O L LY O W N E D B Y T H E G U ER NS EY C H A MB E R O F C O MME R C E
Local legal services in Guernsey and Jersey Business and commercial law Competition law Dispute resolution Employment law Offshore relocations Personal and family law Planning and environment law Property and construction law Regulatory law Trusts Advisory Group Wills, probate and estate planning
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BACK AT OUR DESKS I love Jersey. In the last 30 years, I have travelled far and wide with work and play and I don’t think there is anywhere I would rather live than here. There is much to love about our fair island, our beautiful beaches and countryside, a busy and profitable commercial sector, a world renowned agricultural heritage. We are well known for the quality of our product. Why would we ever want things to change? One of our greatest strengths over recent history, certainly since our finance industry has been thriving, is our stability. We don’t have political swings to the left or the right every few years, we are considered and thoughtful and do not make change quickly. That is good for those that choose to invest in Jersey, you know what you are going to get – high quality service. There are two key drivers of change – internal and external. Internal change is that which we bring about ourselves, the things we need to change to achieve something different, to fix something that’s not working properly, to drive ourselves to improve what we do. But externally driven change is not something we can ignore. Jersey is not alone in this world. Whether we like it or not, we exist as a key player on the world stage. Many jurisdictions consider what we do, look to our actions and make decisions based on what they see. We do the same, looking outside our shores, keeping an eye on international commerce and the wider world. But the world is changing. Some aspects are changing quickly, quicker than we have seen in any previous generation. Technology that we could only have dreamed about a decade ago is a reality today. Across the world, jurisdictions are experimenting with artificial intelligence and the benefits that it brings, from driverless cars to its uses in medicine, providing assistance in our daily lives (like Siri or Amazon’s Echo) to the automation of repetitive tasks. Jersey is at a crossroads. What has made us successful over the last 50 years is unlikely to adequately sustain that success over the next decade. We can choose to maintain our steady course, or we can choose to develop. How technology will affect our island and its industries over the next few years can only be guessed at right now, but we can choose to be leaders in this change, or to keep a watchful eye and follow someone else’s lead. We shouldn’t ignore the advantage that we can gain by taking our significant skills in financial and legal services and agriculture, as well as the natural resources of our island, and apply technology and AI to it. We can choose to be leaders, or we can choose to follow. Eliot Lincoln, president Jersey Chamber of Commerce
The value of lateral thinking 'Improvise, adapt, overcome' is a military phrase popularised in many well-known war movies. An essential ingredient to this process is lateral thinking - looking at solving problems using indirect and creative approaches, and finding solutions to problems in a new and unusual light. I often wonder if lateral thinking is an approach the island should use to help solve some of its bigger issues. Having just had the benefit of ‘time out’ during a family holiday with a group of friends sharing a house in rural France, there were a number of incidents that required this approach: a car running out of petrol, a child getting an unrepairable bike puncture on a rural farm track. No matter what the disaster was, the response from one of my ex-military friends was always the same: 'improvise, adapt, overcome’, followed by a process of ideas generation to find a solution. It got me thinking about what Chamber’s role should be in giving lateral thinking a bigger platform. ‘Lateral thinking’ might sound abstract but, in reality, it is precisely what we should be doing now as Guernsey strives to improve so many crucial parts of its community. Education is high on the agenda and so is transport. The whole infrastructure of the island could benefit from some forward thinking. For centuries, Guernsey Chamber has always played a crucial role in steering and enabling major changes in the island. In my view, that is a major strength. Our position is an informed one about what people here want because we represent nearly 20,000 people as part of this organisation. The island has thrived in the past by offering unique opportunities and novel solutions to the type of issues other places have failed to identify or deal with effectively. We obviously don’t want to go back to the days of the sugar tax (or do we, with current health issues?) or privateering, but there are areas in which Guernsey could lead the way. Recent news that petrol and diesel vehicles will be banned within a couple of decades is a prime example of how we could become pioneers. If we can’t come up with a cutting-edge transport strategy in 25 square miles, what hope is there for anywhere else? And none of this, by the way, is airy fairy idealism: we have the chance to increase Guernsey’s GDP by embracing change in a focused and effective way. Guernsey needs visionaries. Look at the way we are still generating power, using our roads, failing to openly discuss the effects of global warming on a large part of our low-lying island. Now, at 45, I have noticed my instinctive response to problems is changing, thinking increasingly about the next generation and the legacy we are leaving them. ‘Connectivity’ is a good adjective for how we should view things: driverless electric shuttles are here, green energy is possible, showcasing Guernsey anywhere in the world (through remote connection as well as in person) is entirely possible. Guernsey Chamber consists of a diverse group of individuals who all want to build on the organisation’s pivotal role in island life. We all want that progress to continue, and we are reaching out to members to give you a bigger voice, no matter how left of field your thinking is. Martyn Dorey, president Guernsey Chamber of Commerce
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Guernsey Chamber of Commerce Suite 1 16 Glategny Esplanade St Peter Port Guernsey GY1 1WN Telephone: 01481 727 483 www.guernseychamber.com
Jersey Chamber of Commerce Chamber House 25 Pier Road St Helier Jersey JE2 4XW Telephone: 01534 724536 www.jerseychamber.com
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F E AT UR ES
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meet the boss - john o'neill
GUERNSEY CHAMBER NEWS
VIEWPOINT With Richard Digard
JERSEY CHAMBER NEWS
VITAL ATTRACTION With Richard Digard
CONTRIBUTORS Trish Grover writer Richard Digard writer Tamara Timothy writer Chris George photographer Peter Trenchard photographer
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*Source: HSBC network analysis, Global Insight (2015) and United Nations Conference on Trade and Development (2014). **Lines are open 9am to 5pm, Monday to Friday. Your call may be monitored and/or recorded for training and security purposes. Issued by HSBC Bank plc, registered in England and Wales number 14259. Registered office 8 Canada Square, London, E14 5HQ. HSBC Bank plc Jersey Branch is regulated by the Jersey Financial Services Commission for Banking, General Insurance Mediation and Investment Business. HSBC Bank plc Guernsey branch is licensed by the Guernsey Financial Services Commission for Banking, Insurance and Investment Business. In the Isle of Man HSBC Bank plc is licensed by the Isle of Man Financial Services Authority. © HSBC Bank plc 2017. All Rights Reserved. 170614/MA/194
J OH N O ' N E ILL
MEET THE BOSS THE MAN WHO HAS JUST PICKED UP THE REINS OF WHAT IS PROBABLY GUERNSEY’S MOST SUBSTANTIAL AND DIVERSE WORK-RELATED ORGANISATION SEES THE ‘HERDING CATS’ ASPECTS OF THE JOB AS ‘A MASSIVE POSITIVE’.
JOHN O'NEILL > 5
J OH N O ' N E I LL
John O’Neill relishes the challenge of bringing together the 600 plus Chamber of Commerce members under whose umbrella some 20,000 individuals are involved. The 41-year-old new Chamber director spent two years in the Glategny Esplanade headquarters working with his predecessor so had good insight into the organisation and its pivotal place in the local community and further afield. ‘I was seen as a bit young for the role initially which is perhaps telling about the changes we need to make to encourage a more diverse membership.’ He explained that: ‘There are a whole host of organisations working hard in this island and I have huge respect for Chamber and its importance in Guernsey. Going forward, I want to capitalise on the impressive energy and expertise encompassed by the membership and build on Chamber’s ability both to lobby and make clear our position on issues which are important to them and the island as a whole.’ He is keen to bring new energy to the largest employer representative body in the island. ‘Chamber is truly unique. It represents all business sectors and we are all working hard to promote commerce and trade for
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members and for the island’s benefit.’ John identifies Chamber’s autonomy as ‘extremely valuable’ because it enables the group to express members’ independent views. ‘We are perfectly placed to express our own thoughts and to raise issues which are topical and important for members at any given time.’
Chamber is truly unique. It represents all business sectors and we are all working hard to promote commerce and trade for members and for the island’s benefit There is an open-door policy at Chamber’s office and the new director also makes time to engage with members directly. ‘There is a time and place for formal
discussions but I strongly believe that the team also needs to be visible in town or elsewhere so that members can just have a chat and tell us what is at the front of their minds at that time. It’s all about listening to them and learning about the issues which are important to their business and life here in the island.’ John’s media background and weighty contacts book provide a good platform for further developing Chamber’s network. ‘I am used to dealing with a large number of people in every part of island life. That’s useful here because we try to help everyone from one-person businesses to large corporates and I can bring experience of that.’ He is highly conscious of taking up the role at a time when the island is facing a series of unusual and major challenges, such as the implications of Brexit, the new population regime and transport issues. ‘Guernsey has never been able to allow itself to be complacent or too inward-looking, but I think it’s fair to say that issues today are especially tricky and require us to think long and hard about our economy and way of life. As someone who was born here, I think the island is a very special place. We need to have that at the front of our minds.’
J OH N O' N EIL L The role includes the need to work closely with the civil service and political representatives on a broad range of subjects. ‘We are the largest independent business association in the island and are an important channel of communication for state decision makers. That is an aspect of my job of which I am highly conscious. Chamber has a number of sub groups which are tasked with specific issues and by tapping into the expertise of the members in those collectives, we can create informed reports and initiatives to discuss with States members or civil servants if appropriate.’ John believes that the two-year role of the Chamber president is a valuable way of bringing different perspectives and expertise into the organisation. ‘I think it is healthy to have a change at the top because the incumbent invariably brings with him (or her) their particular interests and business insight as well as handling broader issues. It is also why Chamber’s sub groups are formed and dissolved according to need.’ John works on a daily basis with Chamber’s council, which currently consists of around 28 members from all sections of island life. ‘Each of them brings to the organisation a particular skillset and I feel fortunate to be dealing with such a diverse group of people on a regular basis. It is one of the massive positives of the role that I can be discussing hot topics with a transport expert at one meeting and then hearing from a council member about the legal position of the latest employment policy. I wouldn’t get that level of diversity in any other role.’ An area in which John is keen to make a mark is to engage with members through events created especially for them. ‘Our Chamber lunches are well supported and we always source speakers on a whole range of subjects but I would also like to offer mini seminars, social gatherings for members and perhaps focused workshops which are sponsored so they can attend for free. That is a bit of a challenge but there is substantial benefit for corporate supporters so hopefully we can bring all of that together.’ One existing benefit of Chamber membership is Contact magazine.
‘The publication is really valuable for airing Council’s views and members’ thoughts, together with seeking responses to topical issues and covering news in general. I am looking forward to making good use of it and updating links to Chamber’s website. The organisation regularly uses social media and sends members a newsletter with updates and events. As part of its outward-looking position, Chamber is building on existing links with the other islands. ‘Jersey Chamber is keen to work closely with us so that we can, if required, put forward a CI view rather than a purely local one and we are also keen to include the rest of the Bailiwick. There is no doubt that business and life in general is becoming increasingly global so joining forces makes perfect sense.’
John is very conscious of the history of Chamber and believes it is important for members today to recognise the entrepreneurial spirit and vision which saw its creation nearly 210 years ago. ‘Chamber has often led the way in bold, forward-thinking projects which benefited the island for many years following their creation – and, in several cases, are still integral today. I would like to think that we can continue to enhance and improve Guernsey but, more than that, I am hoping Chamber will fulfil a mandate to make it a centre of excellence for traditional commerce and emerging enterprise. We certainly have the expertise within the organisation to make a real difference.’ Anyone who would like to find out more about Chamber membership (which for individuals is for as little as just over £1 per week) can call the office on 727483.
John’s earlier life in the media made him hugely aware of how broad business life is in Guernsey. ‘The business community, for lots of valid reasons, tends to be led by larger sectors but I am determined that Chamber should be truly representative. Chamber is as relevant for small business or single traders as it is for substantial finance sector organisations. The challenge is to engage with people on all of those levels so that we accurately reflect our overall membership.’ Advances in IT make it quick and easy to carry out surveys and this form of research is a favourite with John. ‘We all loathe the sort of surveys that require a huge chunk of time to complete but short, snappy questions that have been carefully drafted to get straight to the heart of any political or business matter, are a very valuable resource and if we can encourage a good proportion of the 20,000 people we represent to take part, that is a highly relevant snapshot of opinions here.’ Extra to the pure ‘business’ side of the organisation, Chamber is aware of its CSR and will be incorporating charitable aspects into events and gatherings. ‘Charitable support can take many forms and we are currently reviewing all sorts of options, from bursaries to donations.’
John’s likes
• Joined-up policy making
• Bourbon
• Pottering in the garden
• Travel
• Gardeners’ World
• Sharks
• Vinyl, Disraeli Gears
• Sunday roast
John’s dislikes
• Meetings, unless essential
• Malibu
• Afternoon tea
• Airports
• Jargon
• Eating seafood
• Now That’s What I Call Music (any!) • Pesto
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CHANNEL ISLANDS NEWS
professionalism and continuing evolution in a competitive market.
jewellery and retail industry. Martin Search, managing director Ray & Scott Ltd, said:
UK Jewellery Awards 2017 named Ray & Scott Ltd Watch Retailer of the Year.
The store on the Bridge, St Sampsons was mystery shopped by the judging panel and scored impressively for the ways in which they market, present and sell watches.
The company was recognised by the panel of expert industry judges for its enthusiasm,
The UK Jewellery Awards are the most admired and relevant awards in the
‘The 25th anniversary edition of the industry’s leading awards event, has been nothing short of phenomenal. A fantastic accolade to win Watch Retailer of the Year. My team and I are extremely grateful to our loyal customers, friends, colleagues and, more importantly, the industry’.
Guernsey jeweller wins UK award
Ocorian has entered into an agreement to purchase MAS International, an independent fund administration and corporate services provider operating in Luxembourg and Mauritius with representation in the USA The deal which is subject to regulatory approval is likely to complete towards the end of 2017 and is the next stage of the company’s on-going expansion following the management buyout and subsequent rebranding of Bedell Trust in 2016. The acquisition expands Ocorian's international presence and service capabilities, providing further depth for their existing jurisdictions.
Expansion for Ocorian 8
All staff from MAS's administration and corporate services business will join the combined operation. Commenting on the acquisition Nick Cawley, CEO of Ocorian (pictured) said:
‘This transaction reflects the sustained growth and diversification of Ocorian's newly defined business. It will further strengthen our position as a leading global provider of fund administration and corporate services complementing our real estate and private client services. The acquisition is consistent with Ocorian’s on-going evolution and commitment to continued international growth in leading jurisdictions.’ Stewart Kam-Cheong, Partner at MAS International added: ‘Our ambition for this transaction was to find a partner that would leverage our existing platform and accelerate the development of our fund administration and corporate services businesses, whilst broadening the scope for both ourselves and our clients. Becoming part of a larger group alongside Ocorian will facilitate growth opportunities and make the most out of the MAS expertise.’
CH AN N E L IS L AN D S N EWS
Second UK judge announced for Guernsey Property & Construction Awards Professor Tim Broyd, ICE president and director of the UCL Institute for Digital Innovation in the Built Environment, will be joining the panel to select this year’s award winners. Tim, who is also a Fellow of the Royal Academy of Engineering and the Royal Society of Arts, Manufactures and Commerce, has worked as a practitioner and director of research and development in industry, the public sector and in the academic sector.
Independent funds, corporate and fiduciary services provider JTC has completed its acquisition of New Amsterdam Cititrust B.V. The deal was first announced in April 2017, thus strengthening the firm’s presence in Europe and expanding its global footprint to include the Netherlands.
JTC goes Dutch
NACT was founded in 1981 and services a client portfolio ranging from entrepreneurs and their families to venture capitalists, private equity firms and publicly listed companies. The business provides a range of corporate and administration services, including: company formation, corporate management, administration, accounting,
Clarus Risk wins awards for the second year. The ACQ5 Global Awards have named Clarus Risk: • UK – Niche FinTech Company of the Year; • Offshore – Niche FinTech Company of the Year; • Offshore – Financial Risk Management Solutions Provider of the Year.
He has held research, technical and corporate management roles in industry and universities together with voluntary service on various strategic panels for government departments, research funders and universities. Particular activity areas include digital engineering, holistic understanding of the sustainability of infrastructure and the development of systems approaches to infrastructure. He joins fellow UK expert, Mark Hayward, chief executive of the National Association of Estate Agents, on the panel of judges. The awards dinner takes place at Beau Séjour on Thursday 2 November. Further details can be found at: www.guernseyconstructionawards.com.
financial reporting and legal and secretarial services. Commenting on the acquisition, which has been completed following regulatory approval in the Netherlands, JTC group CEO and chairman, Nigel Le Quesne, said: ‘This extension of our presence in the Benelux region via the acquisition of NACT strengthens and deepens our offering to both institutional and private clients. The team at NACT are multi-lingual with a vast experience and understanding of corporate structuring and regulation within Europe, enabling us to effectively service a client portfolio ranging from entrepreneurs and their families to venture capitalists, private equity firms and publicly listed companies.’
In addition the company has also won the 2017 Wealth & Finance INTL FinTech Awards, Best Risk Reporting FinTech Provider - Western Europe category. Managing director Max Hilton is delighted at the company’s on-going success: ‘We are proud to be recognised by readers and industry practitioners encompassing fintech and risk management. Our solutions continue to evolve from significant research and development and it is pleasing to again have this effort and innovation recognised.’
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Waves launches training academy Waves will launch its own on-island training academy early next year to offer islanders the opportunity to become commercial pilots. The company has already employed a number of pilots to undertake acceptance of its first aircraft. Its brand new aircraft has now come off the production line in the United States and will shortly begin its journey to Guernsey. In the meantime, Waves has already taken delivery of another Cessna Grand Caravan as a dedicated mission aircraft for academy training purposes, freight and other missions required in the islands. It will be re-registered as 2-CREW. ‘We are thrilled to have taken the opportunity to add the aircraft 2-CREW to our growing fleet and be in a position to offer this for multiple Channel Islands’ missions such as freight and medivac,’ said chief executive officer Nick Magliocchetti. ‘The chosen registration name 2-CREW was a key decision in both our training academy plan and our business model to operate our passenger fleet with two crew at all times. This is a very exciting time for the team at Waves.’ Chief operating officer Matt Bisson said the academy was a key part of Waves’ future plans.
‘As a Channel Islands company, we have already started building teams in both Guernsey and Jersey but we know that qualified pilots with the flying experience we are stipulating are not readily available in the islands. We’ve already recruited a number of pilots to move across to Guernsey ahead of our launch but that’s not enough for us. We want to continue investing in the islands by launching the Waves training academy,’ he said. ‘This is something unique within the islands and offers students the chance to join an exciting and growing business and receive the highest level of training so that they can become commercial pilots and be an important part of Waves’ future expansion.’ The academy will see its first student intake join next year. ‘Not everyone has the finances to fulfil their passion for flying and so we want to hear from anyone who is interested in becoming a commercial pilot with Waves. It’s possible they will never have been in a cockpit before or that they have done multiple flights, it
Wayne Atkinson, group partner with Collas Crill has collaborated with several major international law firms on the multi-jurisdictional legal reference book, The Gambling Law Review. Wayne provided a detailed chapter reviewing the law around gambling in Alderney.
Alderney eGambling features in law review 10
The Gambling Law Review provides a comparative and business-focused legal analysis of gambling law in over 25 jurisdictions worldwide. Each chapter is written by a leading expert in the field examining current issues of concern in each jurisdiction and reviewing recent activity and developments in the market.
doesn’t matter, they just need a passion and a commitment to helping Waves realise its ambitions of serving islanders,’ said Mr Bisson. Simon Crook, who is based in Guernsey and is a senior training captain at Virgin Atlantic Airways, is Waves’ aviation advisor. ‘Airlines across the globe are all experiencing the problem of recruiting suitably qualified pilots to fly their aircraft. Most forward thinking airlines have addressed this by starting their internal pilot cadet programmes as the demand for pilots is set to increase dramatically over the next ten years,’ said Captain Crook, who started his flying career with Guernsey Airlines. ‘Waves has demonstrated again that it is a very forward-thinking and innovative airline prepared to set up its own academy. We are already in contact with major training providers to ensure we recruit the right people and offer first class training to our future pilots. We will try and use as many on-island resources as we can thereby supporting the local economy and providing an exciting and rewarding career for local people.’
Wayne said: ‘It was a pleasure to contribute to the Gambling Law Review; Alderney is, of course, a worldwide leader in the regulation of e-gambling and so we felt it very important that the Gambling Law Review contained a detailed chapter setting out the Alderney approach.’ Susan O'Leary, CEO of Alderney eGambling, said: ‘With its recognised importance as a jurisdiction in the e-gambling sector, it's key that Alderney's legal and regulatory framework is recognised and understood. We're thankful that Collas Crill has represented Alderney in this publication, outlining our unique legislation and emphasising that Alderney is a market leading authority in the world of e-gambling.’
CH AN N E L IS L AN D S NEWS ‘PR 2022 – Future Communications’ is being hosted by the Channel Islands’ group of the Chartered Institute of Public Relations (CIPR) in Guernsey on Wednesday 20th September. The forum will examine emerging trends, for example, in technology and business practice, how they will impact on public relations practice over the next five years and as such, what the implications will be for practitioners working in the profession in the Channel Islands.
Channel Islands PR Forum CHANGES to the communications profession over the next five years will be the focus of the Channel Islands PR Forum 2017.
‘The forum has been a great success since the inaugural event in 2015. Now we are looking to build on that momentum by putting together a programme which will explore how the communications industry is likely to change in the next five years and what impact that will have on practitioners, including those in the Channel Islands. I’m really excited about what we have lined up
The independent and owner-managed financial services group has been granted a licence to act as an administrator of collective investment funds. Last year it was authorised to provide trust services in the region and is currently the only authorised trust company in the UAE that is operating from a regulated offshore location.
A first for PraxisIFM PraxisIFM is the first fund administrator to be authorised in Abu Dhabi Global Market (ADGM) to offer a full suite of fund administration services.
‘The Middle East is a fast-growing region and PraxisIFM has seen a developing interest in the area from our existing fund clients. ADGM is a strategic platform and partner in the Middle East for foreign investment advisors looking to invest in the region or attract Middle East investors,’ said Chris Gambrell, managing director, Praxis Fund Holdings Limited. ‘ADGM offers an attractive, alternative jurisdiction where funds can be domiciled or fund administration can be carried out.
for this year’s session in Guernsey,’ said Mark Oliphant, chair of the CIPR Channel Islands group. Speakers at the event will include Tara Cunningham (pictured) , founder of Northern Irish consultancy IslandSky, and Andrew Bruce Smith, managing director of London-based consultancy Escherman. They will look at the emerging trends in public relations and the implications for the profession as a strategic management discipline, such as the development of skills and training, There will then be a specific focus on how the role of a communications professional is being and will be changed by the current and future role of technology, including social media, data analytics, automation and artificial intelligence.
It’s somewhere ‘local’ for Middle East clients, advisors and managers. It means greater choice, opportunity and flexibility for clients and opens doors to new Middle Eastern markets.’ Wai Lum Kwok, executive director of Capital Markets, Financial Services Regulatory Authority, ADGM, said: ‘We welcome PraxisIFM on board as a member institution of ADGM. As an International Financial Centre, ADGM provides an open and trusted regulatory environment for local and global financial institutions to conduct their business and tap opportunities in the region’s growth markets. We will continue to maintain a well-regulated, inclusive and efficient funds platform for fund services providers such as PraxisIFM to cater to the needs of investors and industry stakeholders alike.’
Join Chamber today the voice of local business
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The Refinery has been awarded a global media award in acknowledgement of its work with Variety – the Children’s Charity of Jersey. The Refinery, received the accolade at the Variety World Conference in Atlanta. The award acknowledges companies or individuals that promote awareness of Variety - the Children’s Charity, as well as its mission, positive social impact and fundraising initiatives. Variety Tents from all jurisdictions can nominate one media award per year. Nominees are then put forward to an international judging panel. The Refinery’s PR director Natasha Egré and PR executive Laura Syvret have managed the media relations for the Jersey Young Star of the Year Awards for three years running. Additionally, Natahsa handled the PR for the Variety World Conference which was held in Jersey for the first time in 2016. The conference combined presentations and charity idea sharing with fundraising balls and star-studded award ceremonies.
Jersey communications firm awarded for charity campaign
Humanitarian stalwarts Julia Morley, Rio Ferdinand, and Professor Anil Dhawan were awarded for their dedication and commitment to improving lives of children around the world and The Refinery coordinated their media engagements. PR was also essential in working with Varety
New En Route to be created on Town & Country site in Sion
The society has agreed to buy the site of the home and garden store and create a 3,500sq. ft convenience store with six petrol pumps and 28 parking spaces. If planning permission is given, work won’t start for 12 months, as this period is required by Town & Country to complete its own development plans.
The Channel Islands Co-operative Society is set to open its third En Route Jersey store if planning permission is given to redevelop the Jersey Farmers Trade Union’s Town & Country site.
‘As a community retailer, we engage with our members every year on what they would like to see from The Channel Islands Co-operative Society. Our Jersey members have been very keen for us to expand our fuel offering for
to encourage fundraising for a new sensory pool at Oakwell Children’s Respite Centre. Robyn Lapidus, chief barker, Variety – the Children’s Charity of Jersey, said: ‘Variety Jersey was very proud to put forward The Refinery, Natasha Egré and her team for this prestigious award. The Refinery has worked in partnership with the local Tent for over three years and the relationship has had a significant impact on our success. For the world conference Natasha and her team worked over and above what was expected of them and to such a professional standard. The media coverage received was amazing and has greatly assisted our fundraising. Everyone in Variety, including International, was so grateful for all that they did. We are delighted to see them win this award in recognition of all their hard work.’ Natasha added: ‘It’s been an absolute pleasure to work with Variety - the Children’s Charity of Jersey and subsequently with the international committee. Bringing the Variety World Conference to the island and the subsequent communications remit was no mean feat but it was hugely rewarding for everyone involved. We are very grateful to our local and international media contacts who worked with us to give this charity the attention it deserves. ‘
some time and we have been actively looking for suitable sites. We’re very excited about the prospect of securing planning permission for a new En Route on Queen’s Road,’ said chief operating officer Mark Cox. ‘This central location is great news for islanders and will complement our other En Routes in St Peters and St Marys. This is a significant investment by the Society and a reflection of not only our commitment to the island but also of islanders’ commitment to us.’
Cazenove Capital is a leading provider of wealth management services to private clients, family trusts and charities. www.cazenovecapital.com/ci H17018_chamber of commerce pan island magazine_banner_guernsey_v3.indd 1
10/08/2017 12:16
DATA
ROAMING RATES
REDUCED BY
98%
2017 BUSINESS TRENDS' SURVEY Matt Stanbury of BWCI gives an overview of this year’s survey findings.The Business Trends’ Survey is conducted annually by the Young Business Group in conjunction with the Guernsey Chamber of Commerce and Island Global Research. The survey presents the views of Guernsey’s business community and establishes business performance and confidence levels within the private sector. A short summary of the key findings is set out below: Political issues As part of the survey we seek views on some of the most pressing island-wide and international political issues of the time. As usual there were no shortage of issues to consider this year. This year we sought views on whether Guernsey’s population management law and the UK’s impending exit from the European Union would have a positive or negative impact of their own businesses and Guernsey as a whole. The results are set out below: The results show that for Brexit almost half of respondents remain undecided on the effect on both their own business and on Guernsey. This perhaps reflects the ongoing uncertainty in the UK on quite what ’type’ of Brexit will ensue. This result was similar whether respondents’ own businesses or Guernsey as a whole was being considered. The majority of respondents thought that the population management law would not have an effect on their own business directly but over a quarter thought that it would have a negative impact. However, when respondents were asked to consider the island as a whole the views were more negative, with over two thirds expecting the effect of the population management law on Guernsey’s economy to be negative. Island confidence As in recent surveys, respondents were asked about their confidence in the island’s economy over the short term (the next year)
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and the medium term (defined as the next 3-5 years). In addition business were asked for their opinion on short term confidence within their own sector. The chart opposite shows the net position of the number reporting an increase in confidence levels with the results shown since 2010. The net position of positive responses has been plotted (i.e. the number reporting an increase in profits minus the number reporting a decrease) All three measures improved slightly in this year’s results. As usual, respondents were more confident about their own industries then in the island’s economy as a whole. Both medium term and short term confidence in the island’s economy have followed a similar pattern since 2014 with a greater proportion of respondents indicating that they were not confident about the island’s economic future than saying they were more confident. 2016 Business Indicators Respondents were asked about the performance of their businesses over the previous year. Over a third (36%) of businesses increased their staffing levels over 2016. This was higher than the 30% who predicted an increase in the previous survey. Profits had increased for almost half of businesses with only around one in seven businesses reporting decreases. The net position (i.e. proportion of positive responses minus proportion of negative responses) for profits and employment numbers have shown steady improvement since a low point in 2009.
2017 Business projections The survey also questioned businesses about their prospects for the coming year. Employment projections for 2017 maintain positive levels shown in the last couple of years with around a third of businesses expecting to increase staffing numbers in 2017 and around one in eight predicting a decrease. Profit projections for 2017 increased slightly from last year and remain positive with over three times as many predicting an increase as predicting a decrease in profits. The chart below shows the trend in both predicted profits and actual reported profits in recent years. Again, the net position of positive responses has been plotted. The chart opposite shows that forecasts of profitability have generally been slightly over optimistic in the past and that the general trend since 2009 appears to be an upward one. Final remarks We always try to ensure that we obtain the largest possible sample size responding to the survey across all economic sectors to ensure that the results remain representative of business in the island as a whole. However, it should be noted that the survey was only based on the responses of 61 businesses, which while providing an interesting and helpful insight into the views of the business community, is only a small sample of the total number of businesses in Guernsey. Therefore the result of the survey should be considered with this in mind.
T H E RE S ULT S
Population Management & Brexit
Very negative
Negative
Neutral
Positive
Population management strategy
Very positive Brexit
100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Own business
ISLAND CONFIDENCE
Guernsey
Own business
Guernsey
60 40 20 0
2010
2011
2012
2013
2014
2015
2016
2017
-20 -40 -60 Own sector confidence
2016 Business indicators
Medium island confidence
2106 vs 2015 profitability
2106 vs 2015 Numbers employed
Down, 13%
Down, 14% Up, 36%
Up, 44% Same, 42%
2017 Business projections
Short term island confidence
Same, 51%
50 40 30 20 10 0 -10
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
-20 -30 -40 Projected profit
Profit
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GUERNSEY CHAMBER NEWS
ALL THINGS BEING EQUAL Realigning the perception of Guernsey Chamber is high on the ‘to do’ list of its new head of business development Kay Leslie. ‘Chamber is a dynamic, progressive collection of people from all walks of island business life but the feedback we still get is the misconception that it is a bit of an old boys’ club,’ she said. Whilst there is ‘an absolute refusal’ to indulge in any form of tokenism by boosting female numbers for their own sake, she believes that a better balance would benefit all.
A dual objective is to source sponsorship for a series of topical business seminars which would be free for members. ‘Chamber is a not-for-profit organisation and that will never change. It does mean, however, that to arrange gatherings to update members or seek their views on important business topics, such as legislative changes for instance, requires corporate backing. 'The sponsor has a valuable opportunity to reach a widespread audience because we are anticipating strong take-up from all sectors of Guernsey Chamber. The levels of financial support needed are very reasonable and start from as little as £500.’
The organisation has nearly 20,000 individuals under the umbrella of more than 600 mostly corporate members: ‘By my reckoning, that makes it the largest representative group of employees in the island.’
The breadth of the skills base within the organisation has been ‘a fantastic positive’ to discover. ‘In addition to the council, there is a host of sub groups which are formed and then dissolved according to need. These deal with anything from political proposals and their impact on commerce and the island as a whole, to broad perspectives on changes which will make Guernsey an even better place to live and work. It’s invigorating to be involved.’
Kay is ‘very comfortable’ with her mandate to increase and diversify the membership. ‘We have impressive, energised people within the organisation and it would be satisfying to further increase the number of senior female executives fulfilling an active role with Chamber. Several of those approached recently have already expressed an interest in becoming involved, which is fantastic.’
Sectors represented include retail, hospitality, transport, infrastructure and the finance sector. ‘It is an unusual conglomeration because our members range from private individuals to the local offices of multinational corporations with everything in between. The interaction between people in all of those areas is genuinely beneficial.’ Going out to the membership for their views
is something that Chamber wants to do more often. ‘With the strength and breadth of thousands of members, we are well placed to put forward the views of a considerable cross-section of island life and Chamber has never been afraid to lobby for what it believes to be right for our community. When you consider that plenty of surveys carried out here rely on findings from a relatively small portion of the community, it further strengthens the group’s valuable contribution as a litmus paper of public reaction.’ Tailoring Chamber’s own magazine, Contact, to include more news and updates from the organisation, together with features on topical matters relating to business and commerce, is already underway. ‘Guernsey Chamber has owned and developed Contact magazine for many years, in conjunction with various publishers. We are highly aware of its value to our organisation and intend to make good use of it, together with all forms of online media, to ensure that everyone in this substantial organisation is up to date at all times.’ Anyone interested in finding our more about joining Chamber, attending events or becoming a corporate sponsor, can contact Kay on 727483 or email kay@guernseychamber.com. She will also happily receive ideas and proposed content for Contact magazine.
We have impressive, energised people within the organisation and it would be satisfying to further increase the number of senior female executives fulfilling an active role with Chamber. Several of those approached recently have already expressed an interest in becoming involved, which is fantastic
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G U E RN S E Y CH AM B E R N EWS
Network, natter and nosh Guernsey Chamber’s monthly lunches are an ideal way of combining effective networking with an interesting speaker and a delicious OGH lunch. You don’t have to be a member to come along on the third Monday of each month at noon (but you will need to pay an extra £5). With Chamber membership from as little as £1 per week for individuals, it might be worth joining and saving more than your enrolment cost on lunches alone!
Smooth running The ban on petrol and diesel vehicles by 2040 is high on Chamber’s talking list and has been welcomed by the organisation. The island is being urged to recognise the environmental and health advantages of the decision and investigate the infrastructure needed here. Transport sub-committee member Jenny
September’s speaker is Louise Misselke, principal of Guernsey College of Further Education. The college has more than 5,000 enrolments each year and offers a diverse range of full and part-time courses for the Bailiwick community. The October speaker is States chief executive officer Paul Whitfield who will provide unique insight into the wheels of the island’s state machinery. The lunch series is sponsored by Sure. For full details and how to book go to: www.guernseychamber.com.
Ozanne pointed out that many islanders are considering buying fully electric cars, as batteries have improved considerably and running costs are lower than for conventional vehicles. ‘There are also benefits from reductions in pollution, noise and energy waste.’ This month has seen Tesla boss Elon Musk hand over the first of what is believed will be the first mass-market electric car. He has half a million orders for the £28,000 220-mile range vehicle.
The topical issue of education in Guernsey is on Chamber’s September lunch menu when Louise Misselke, principal and CEO of Guernsey College of Further Education will be our speaker. Louise’s main focus is to ensure that all college students have the best possible experience there and attain their individual ambitions. She will outline some of the college’s plans for the future and explain how the business community can have a direct influence on its provision. The lunch, which includes roast hake with potato gnocchi and tomato and pepper fondue, is £22.50 for members or £5 more for non-members and is sponsored by Sure.
Guernsey College of Further Education September lunch speaker
The September event includes, for the first time, a table of Guernsey students who can experience at first hand business networking and have an opportunity to listen to the speaker and ask questions. Their table has been sponsored by Cazenove Capital Guernsey.
Wine time If you have enjoyed the advantages of Chamber membership and know a person, or organisation, you feel should join, put them in touch with us, confirming your recommendation by email to: office@guernseychamber.com and, once they are part of the organisation, we will send you a bottle of wine (to enjoy with them or in splendid isolation!)
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GU ER NS EY C HA MBE R NE WS see how we can highlight the issue,’ said Chamber director John O’Neill. The event is sponsored by PBS Business Solutions. Managing director Alan Medcalf said:
Fixing the weakest link The connection between a major data security risk in many local organisations and Christian Slater will be explained at a Guernsey Chamber event, free for members, on 26 September. ‘Plenty of corporates today are mindful of the risk posed by malware but few understand that a major weak link in their systems is the wifi connected printer. That weakness, coupled with new imminent GDPR (data regulations) promted us to
‘Cyber security has never been more important because, as seen recently, malware can paralyse any organisation.’ He was keen to work with Guernsey Chamber on bringing expert advice to the island because even humble hardware found in any businesses can be hacked. ‘Watch Christian Slater as The Wolf in HP Studios’ guide to hacking and you tend to go a bit cold at the realisation that it’s not enough to think about PCs and mobile phone use for work: it’s the whole connectivity setup that needs to be looked at to identify weak points.’ He explained that even the most ‘switched on’ team members can still be fooled into opening and printing convincing looking emails ‘And the minute they do that, malware is in the system and everything from the chairman’s holiday snaps to private email links and corporate strategy is up for grabs.’ The seminar will include a demonstration of a live hack by a visiting expert from PBS Business Solutions’ global partners HP, as well as footage of risk areas and advice on safeguarding any organisation.
The event is being held at The Digital Greenhouse from 12 noon to 2.00pm with light lunch and refreshments also provided free of charge. It is available for Guernsey Chamber members. Membership is available from as little as £1 a week. The organisation is planning a series of informative seminars and networking events free to members, so joining Guernsey Chamber is highly recommended. ‘We want people to really think about how safe their network actually is. You can cover all of the usual bases but it’s not that simple and hackers know the vulnerable areas. Data is hugely valuable, whether it is for sale to an organisation’s competitors or to duplicate identities or even hold the corporate to ransom. It’s just not a risk worth taking,’ said Alan. The introduction of new data protection regulations coming into law next May will affect all businesses. ‘One of the biggest implications is for anyone who works remotely and, let’s face it, we all do these days with email set up on our mobiles plus linked calendars and file storage. It’s a major issue so we are delighted to be joining forces with PBS to benefit from their advice,’ said John.
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G U E RN S E Y N E W M E M B ER S
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The Pensioneer Trustee Company (Guernsey) Limited provides trustee and administration services to a wide range of domestic and international pension plans as well as employee benefit solutions. These include, bespoke and multi-member RATS, QNUPS, FURBS, EFRBS and EBTs as
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Jer Norris is the managing director and founder of the company. When he arrived in Guernsey five years ago, Jer quickly got to grips with the electrical industry on the island and decided to create his own business. Established in 2013, the company has quickly expanded through reputation and reliability. From a one-man-band to now eight employees, JER has a great team of electricians with the skills and attention to
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high level administration and management to specialist closed-ended and open-ended investment funds and companies. With a longstanding, professionally qualified team, Elysium is able to deliver a consistently high level of service and technical support to its niche client base. Email: david.purdy@elysiumfundman.com Tel: 01481 7810109 Website: www.elysiumfundman.com
detail being shown throughout his staff. JER Electrical Ltd provides all kinds of electrical services including smart home technology, smart electric car charging points, electric power pack for homes, all types of electric heating, rewires/extensions, new kitchen/bathroom electrics, LED lighting design and outdoor lighting. Email: office@jerelectrical.gg Tel: 01481 523411 Website: www.jerelectrical.gg
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VIEWPOINT WITH RICHARD DIGARD
WIDER LESSONS FROM CARE INQUIRY REPORT: GOVERNANCE HAS TO BECOME THE PRIORITY While it’s tempting to see tragic deficiencies in child care and sinister undertones about ‘the Jersey Way’ exposed by the Independent Care Inquiry as essentially a political matter, Richard Digard argues that there are wider implications Before starting, I should say that reading the summary of the Independent Jersey Care Inquiry’s findings is recommended. It’s more than 60 pages long and summarises 149 days of hearings and consultations and massive amounts of additional evidence.
In this case, while what ‘went wrong’ was on a barbarous scale, it’s not exactly something for a business-focused magazine to comment on. Yet dreadful as the individual acts of cruelty were, it’s the ‘how?’ behind them and the acceptance of what occurred that really gets you.
Its approach, scale and reporting is more akin to a Royal Commission than the consultant-led document we normally get in the islands after something’s gone wrong.
And the reason for that is fundamentally very simple: a systemic breakdown of governance.
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Businesses – regulated and unregulated – are
increasingly putting a lot more effort into this area and will read the care inquiry report with some incredulity. Yes, much of what it exposes is historic and, if you will, of its time. But even more recent events reported upon show that same casual attitude towards doing things properly and for the right reasons persisted. Leading organisations constantly challenge themselves to demonstrate that they are
the care inquiry actually poses that wider question for both islands: who or what is asking the respective governments whether they are the best they can be? We know that they aren’t – and the consequences are all too obvious. the best they can be, and have tools and techniques to show objectively whether they are or not. High-performing and successful operations benefit from the effort they put into their governance, risk management and strategic control. That process should be there to facilitate excellent performance. What we can see clearly now is that Jersey paid no regard to these basic principles. The consequence, chillingly and although the welfare of children and young adults was involved, was that the care system – in the words of the inquiry – didn’t know what good looked like. Let that sink in a moment. Didn’t know what good looked like. And even today the report concluded that some youngsters are still at risk. So although the inquiry had been called for, and serious concerns raised, there was no real drive to improve things. In other words, the organisation was still not challenging itself to be the best it could be – a total absence of good governance at the highest levels. Yet was this confined purely to child care? I’d argue not. Many in business and elsewhere will have come across examples of poor practice, cronyism, grudge decision-making and simple incompetence when it comes to the States (and, in fairness, other organisations) of either island. Both islands have public sector transformation processes in place – which is welcome – but these are largely geared to reducing headcount, saving money and improving customer focus. Definitely worth pursuing but these processes are not, certainly in Guernsey, challenging the departments to ask whether they are the best they can be.
Admittedly, that could cause some difficulties. Evidence from the Good Governance Institute, for instance, shows that organisations that review their board and governance arrangements are safer, more sustainable and effective. And as this column has argued previously, the island’s s/election processes pay no regard to the role that States members have to carry out and, therefore, to encouraging ‘best fit’ candidates to apply. Significantly, unlike in party systems, no filtering of candidates is carried out. In turn, that puts much greater responsibility and influence on the public sector to advise and guide the politicians, who are not, by and large, expected by the electorate to be leading business individuals. So, as the inquiry found, the then Home Affairs minister was deemed too inexperienced for the job he had been given and needed a mentor to carry out his ministerial duties. Something, one supposes, is hardly an endorsement of the current system. What this does do, however, is to highlight the dependence the islands have on their civil servants to keep things running smoothly and properly. Yet the Jersey care scandal shows how completely that expectation and dependence failed – and that the higher political and administrative processes were unable or unwilling to resolve matters. In Guernsey, Policy and Resources, as the senior committee, has started using PwC to conduct benchmarking studies on the bigger departments. Already the results indicate operations lacking in governance and focus and inadequately scrutinising the use of public grants while paying staff over the odds. Both islands have some excellent and committed civil servants but, even if the public sectors are committed to continuous
improvement, all the various independent reports produced indicate how far there is still to go. Time was, both islands prided themselves on the quality of their officials. With hindsight, that view now seems to have been clouded by the previous 30 years’ economic growth, which meant that problems could be resolved by throwing money at them rather than by quality of management. Faced with squeezes, the need for transformation and doing things differently, both islands are struggling. Actually, that might be too broad-brush. Some departments are finding it easier than others. That, naturally, depends on the budgets they started with, the areas in which they operate and the officers and politicians currently making the required decisions. At the same time, however, the need to manage government rather than merely administer it, as in the old days, does tend to shine the spotlight on individuals, be they elected or career. At the same time, the influence of public sector unions to keep things as they are is far too strong. In addition, both States are too firmly wedded to a ‘one size fits all’ approach to pay and conditions rather than reacting to specific operational and recruitment requirements. Looked at the other way, if you were designing the States of Jersey or Guernsey from scratch, would you have things the way we do now? Which is why the care inquiry actually poses that wider question for both islands: who or what is asking the respective governments whether they are the best they can be? We know that they aren’t – and the consequences are all too obvious.
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JERSEY CHAMBER NEWS
EXECUTIVE COUNCIL PROFILE My involvement in Chamber goes back seven years to when I was first asked to serve on the transport committee. At the time I was employed by Jersey Post and was responsible for one of the largest fleets on the island. I was also involved in bringing in freight through both the harbour and airport, so was well placed to make a contribution on island transport and ports. More recently the once separate transport and tourism committees merged and I was asked to join the new group taking over the chair 18 months ago. My work on transport isn't limited to the 37 years I spent at Jersey Post - I am still non-executive chairman of JP's freight company Fraser Freight based in Portsmouth, so I need to keep abreast of what is happening in local, national and international freight.
I was also delighted to play a part in the organisation of the 2015 Island Games as the transport and logistics director for Jersey2015. This role led me to work more closely with the hospitality industry giving me a greater insight into the Jersey ‘product’ as well as some of the challenges faced. I have seen first-hand the investment of local businesses and the pride that is taken in offering a first-class product. This is so important to help the island diversify as well as helping to facilitate other industries. Ports of Jersey is an organisation that we monitor and engage with and, along with Visit Jersey, it has made good progress in improving transport links and promoting the island. There is still concern around inter-island travel and sea routes and we invite providers to meet with us regularly so they can update us and we can share open and honest feedback - both good and bad - from members.
content of a well-written scrutiny panel review. We are keen to engage with the Department for Infrastructure, to explore real alternatives - alternatives that we first raised 12 months ago. It is important to point out that industry isn't saying no to waste charges, what it is questioning is the level of the proposed charges and the potential impact of such high charges on the hospitality industry. The committee will continue to monitor this subject very closely whilst also looking at the challenges already mentioned. We don't lose sight of the on-island transport issues and opportunities; we eagerly await a simpler method to pay for parking, perhaps digital! But would welcome an extension of the Sand Street payment trial in other car parks.
Andy Jehan Chair, transport & tourism committee.
Most recently we have been lobbying hard around the proposed introduction of waste charges. Whilst we are pleased that the debate was delayed, it’s disappointing that this was due to backbench politicians rather than the minister taking on board the
There is still concern around inter-island travel and sea routes and we invite providers to meet with us regularly, so they can update us and we can share open and honest feedback - both good and bad - from members
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J E RS E Y CH AM B E R N EWS
WHAT HAS CHAMBER DONE FOR COMMERCE SO FAR THIS YEAR? Chamber, like many organisations, experiences a mass exodus of people during the summer months, with employees taking time out to holiday and relax. Rightly so of course, but this is the main reason why our committees and events tend not to take place in August (the time of writing this article). So, you’d think things would quieten down for Chamber at this time. Au contraire. Government still needs to be lobbied, some of our committees are holding emergency meetings in direct response to policy proposals and our members continue to experience issues and concerns that need investigation. So the wheel of Chamber keeps on turning. So far, in 2017 that wheel has moved at quite some considerable pace and so I wanted to take this opportunity to provide you with a top line overview of the work Chamber has done for commerce so far this year. Transport & tourism committee: Successfully lobbied government to postpone the introduction of the proposed liquid waste charge, until they’ve thoroughly engaged and consulted with commerce.
Retail & supply committee: After years of lobbying government for a retail champion and strategy to support the sector, the Economic Development, Tourism, Sport & Culture Department bowed to Chamber’s pressure and assigned a dedicated member of its team to promote retail. Chamber also established a retail strategy sub-committee, which has been working with government to develop a long-term strategy to support island-wide retailers. Building & development committee: Third Party Appeals were introduced in Jersey, with little understanding from government or the States as to the impact on the sector, island and public-sector projects. Proposals put forward by industry leaders from Chamber’s committee helped reduce the backlog of work. Chamber responded to the planning obligation agreement consultation and will also respond to the Jersey infrastructure levy consultation, highlighting major industry concerns over both pieces of legislation. HR committee: Chamber responded immediately to the ‘Fewer Newer Migrants’ policy introduced at the start of the year. Highlighting the continued need for businesses to retain flexibility in hiring a workforce that suits their needs will continue to be a key lobbying issue for 2017. Finance committee: Brexit will remain on the priority list for Chamber for the next two years. Since the start of the year the finance committee has engaged with government ministers and senior civil servants to ensure that both the challenges and opportunities of Brexit, for all sectors of commerce are understood. Digital impacts on the sector and cyber security are areas of work the committee is also assessing
and, in conjunction with the digital committee, a number of informative events will be held to help businesses prepare for potential cyber attacks. Digital committee: In the wake of GDPR legislation being introduced in Jersey next year, two half-day critical briefings were held in March and May this year. Both were extremely well attended from a broad cross-section of commerce. As greater detail is announced, the committee will continue to hold events to help members and the wider business community understand the impact on their businesses and how to plan. The digital committee also responded positively to the government consultation on the island’s first cyber security strategy. However, challenges with eGov remain an issue for Jersey and the digital sector and so the committee will continue to engage with key stakeholders to offer constructive criticism and advice on how the programme impacts commerce. Chamber connection: A new committee, launched this year with the aim of engaging with professionals aged 18-35 and being a key voice for issues affecting young professionals in Jersey. As I mentioned, this is very much a top-line overview of the work Chamber is engaged with and as the largest independent business representative organisation in Jersey, the future prosperity of commerce in the island remains our over-arching priority. Gillian Martindale-Parsons Chief executive, Jersey Chamber of Commerce.
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J E R S EY C HA MBE R NE WS Planning and environment: the ultimate compromise? Speaker: Environment minister, Deputy Steve Luce Date:
Wednesday 13 September 2017
Venue:
The Royal Yacht
Timings: 12:15-14:30
What are the minister’s priorities for some of Jersey’s most pressing future challenges – a shifting CBD, climate change, environmental protection and a growing population? Event sponsor – Regus Wine sponsor – Dunell’s Premier Wines Coffee sponsor – Cooper & Co Jersey
Overview It may now be called the Department of the Environment, but the minister has responsibility for a number of distinct, and occasionally conflicting, portfolios.
September lunch
How does Deputy Luce approach the protection and enhancement of Jersey’s natural and built environment, while also encouraging enterprise, innovation and regeneration- and making it simpler for people to get on with their lives?
Date:
Wednesday 11 October 2017
Please check the Chamber website for more details as they become available or register to receive our invitations and updates by sending your details to:
Venue:
Radisson Blu
admin@jerseychamber.com
October lunch Timings: 12:15-14:30 Detail:
Event sponsor – Airtel Vodafone
Speaker TBA
Wine sponsor – Dunell’s Premier Wines Coffee sponsor – Cooper & Co Jersey
Event dates for the rest of the year
For more information or to book tickets or corporate tables (of 10) online for any of our events please visit www.jerseychambertickets.com For more information about any of our events or for any queries contact:
Chamber lunch dates 2017 Wed 8th November
The Pomme D’Or
Wed 13th December
The Royal Yacht
Hayley Mallet, events and marketing manager hayley.mallet@jerseychamber.com or call a member of the Jersey Chamber executive team on 01534 724536.
2018 Chamber Sponsorship Opportunities Next year, Chamber will mark its 250th anniversary with a special year
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of celebrations promoting the work we do on behalf of our members and reviewing the impact that Chamber has had on commerce in Jersey over its long history. Our 2018 events programme is now taking shape with Chamber Lunch sponsorship already proving very popular.
Should you wish to find out more about sponsoring a Chamber event, please contact Hayley Mallet – events and marketing manager. 01534 724536 or hayley.mallet@jerseychamber.com
CH AM B E R E V E NT S
CHAMBER CONNECTION JERSEY CHAMBER’S NEW COMMITTEE Chamber connection is a newly formed committee for the Jersey Chamber of Commerce, dedicated to being a voice for people aged 18-35 in our local industries. Headed up by a committee of young professionals who work in a variety of industries, Chamber connection is a new, exciting initiative which aims to increase engagement with Jersey’s younger working population and provide opportunities for networking, personal development and political engagement. Chaired by Adam Vibert, consultant at BDO Greenlight, who was recently nominated for the Pride of Jersey Young Achiever of the Year award, the committee is passionate about helping young professionals find out more about Chamber and build great working relationships across the island. Eliot Lincoln, president of the Jersey Chamber of Commerce, said:
‘We created Chamber connection to ensure that industry professionals aged 18-35 have greater accessibility to Chamber. Many of our existing members will have individuals who can benefit from being part of a professional networking group that is outside of their existing social and professional circles. Chamber connection members will be the business leaders of the future and helping them meet, share ideas and learn together can only be beneficial for all of us.’ The plans for the coming months are currently being finalised, but it is anticipated the committee will: • Hold an opening event to formally announce Chamber connection and meet with prospective members. •
Engage with 18-35-year-old industry professionals across all sectors of commerce in Jersey, to research and establish the primary areas of work that should be focused on.
• Host regular, targeted events driven by the needs and interests of our members. •
Be part of the strong existing Chamber committees and ensure that the voice of its members are heard through the on- going work of Chamber.
The first event is planned for September/ October 2017 and will provide an opportunity for prospective Chamber connection members to network and explore what the Chamber of Commerce can offer them, both now and in the future.
If you’d like to attend the opening event, suggest an event idea, or think you could be the newest committee member for Chamber connection then please get in touch by emailing:
admin@jerseychamber.com
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JE RSE Y N E W MEMBERS
Amicus Jersey Limited Amicus is a Jersey-based leadership consultancy.
Hawksford Hawksford is an international awardwinning, corporate, private client and funds business.
MJFA Consulting DocChop is an offline system to automate the filing of your paperwork.
We exist to enable companies to get an advantage from their people through strengthening their leadership and organisational heath. Our broad-based experience of military and commercial leadership ensures that our clients will go to the next level in operational and business performance.
trust-based leadership to develop organisational agility. Our ‘principles of war’ package is designed to sharpen planning to enhance success.
We do this through diagnostics, leadership development programmes and strategy implementation. We run special programmes in
Email: office@amicuslimited Tel: 07797 775045 Website: www.amicuslimited.com
We aim to take away the burden of regulatory, financial and tax compliance, and corporate governance so that our clients can focus on managing their business interests and creating wealth.
We are committed to making sure that every interaction is meaningful and productive, and this is the case for all of our institutional, entrepreneurial and high-net-worth clients across the globe.
For many years we have helped families to take care of their wealth, entrepreneurs to succeed, multinational companies to operate and transact, and funds to maximise their returns.
Email: info@hawksford.com Tel: 01534 740000 Website: www.hawksford.com
Having spent many years consulting and developing bespoke solutions across a wide range of industries, MJFA Consulting spotted the opportunity to enable the easy automation of paperwork filing.
location, so that it too may be described and filed automatically. The opportunity to associate each filed document with supplier, customer, or employee, also exists. Filed documents may then be moved to your document management system of choice, in the cloud or on premise. A full audit trail of document filing is maintained, ensuring system integrity. A ‘no-obligation’ demo and/or trial is available on request.
Simply point out the salient information in your paperwork when first scanned, and say where and how you would like the document named. Thereafter, DocChop automatically recognises future examples of that paperwork and files it accordingly. Unrecognised paperwork is filed in a particular
As a boutique agency with teams in Glasgow, London and our new office in Jersey, we have over 20 years’ experience working in the fashion, beauty, travel, lifestyle and entertainment sectors.
Hartmann House Hartmann House is a creative marketing and branding agency run by husband and wife team Tessa and Sascha Hartmann.
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Our award-winning team has brought its expertise to Jersey to provide a range of marketing and branding services to this dynamic and thriving economy. From strategic marketing consultancy to graphic and new media design, public relations, event management, music and broadcast production, we are the one-stop-shop
Contact: jennifer.carnegie@amicuslimited.com to discuss how we can help you improve your overall performance and build stronger, happier, more capable teams.
Email: hello@docchop.com Tel: 07797 753889 Website: www.docchop.com
for brands looking to launch or re-invent themselves in this competitive marketplace. Hartmann House is the producer of the highly successful Jersey Style Awards. The awards were designed to showcase the best of living, working and visiting Jersey by honouring the best talent on the island. Email: tessa@hartmannhouse.je Tel: 01534 515478 or 01236 826555 Website: www.hartmannmedia.com
J E RS E Y N E W M E M BER S
• • •
The foundation is a not-for-profit organisation and raises awareness and funding from local, national and international communities.
The JCG Foundation The JCG Foundation was launched in February 2011 as the development arm of the college.
Royal Bank of Canada (Channel Islands) Limited
Support a capital project Provide a bursary Provide mentoring/work experience/ interview experience
The foundation currently provides five bursaries and has recently provided an international university bursary for a local student thanks to its network within Jersey. It would be great to hear from you if your business would like to support education in Jersey and partner with the JCG Foundation to:
The are many benefits to joining the JCG Foundation corporate partner programme and we would love the opportunity to learn more about your CSR objectives and how we can help you achieve them. Make generosity part of your growth strategy.
• Sponsor an education initiative that fits with your business
Email: l.guy@jcg.sch.je Website: www.jcgfoundation.com
RBC Wealth Management provides a broad range of wealth management solutions to individuals, families and institutions.
Management's 'Endeavours Collective Ambition’ approach allows it to build lasting relationships with clients to help them thrive and achieve their financial goals, while at the same time helping our communities to prosper.
As a truly global organisation, RBC brings together its diverse expertise and knowledge to meet the sophisticated financial needs of clients from around the world. RBC Wealth
Tel: 01534 283000 Website: www.rbcwealthmanagement.com
The Jersey Chamber of Commerce is the largest business membership forum in Jersey, representing businesses of all sizes.
Become a Chamber Of Commerce Member Member benefits: - Access to the most effective business networking community in the island, with regular networking events attended by more than 4,000 senior business people annually - Discounted Chamber Event tickets - ‘New Member’ promotion in Contact Magazine - Weekly communications, with links to the latest government reports & consultations that affect business - Dedicated Member email address listen@jerseychamber.com, to raise individual business concerns - Business listing on the Chamber website - Reduced rates on business services including obtaining Certificates of Origin & Letters of Credit - Member to Member discount offers - Reduced rate meeting room hire
For more information on membership please contact the Chamber Executive Team. 01534 724 536 | admin@jerseychamber.com
www.jerseychamber.com
Katherine Neal is counsel in Ogier’s trust department in Jersey
Give us an overview of your career to date. I started as a trainee with Pemberton Greenish in London and was there for 10 years eventually becoming partner in the land and estates department. I then moved back to the Midlands (I am originally from Sheffield) and spent six years with Shakespeare Martineau. At that point, I was looking for a new challenge and planned to return to London. But an opportunity arose to move to Jersey instead, so I took it and arrived here five years ago. From a career perspective, moving offshore has meant that I now have experience in all aspects of private client work. The quality of legal work here equates to working in a large London legal practice. What goals or ambitions do you still wish to achieve? I am fortunate to have achieved many career ambitions at quite a young age. I was made partner at 30. So now one of my passions is to support the next generation of solicitors coming through. I am involved with supporting our trainees and I am very keen to encourage young people into the legal profession as a career choice. Does the glass ceiling really exist? The honest answer is I just don’t know. I have never personally experienced any obstacles
to progression because of my gender. I don’t have children which means that I haven’t ever needed to take a career break. I have friends – also lawyers – some of whom have been just as successful having had children and others not.
How do you manage the work/life balance?
I think that perhaps the legal profession is more of a meritocracy than some other environments because of the partnership structure under which it generally operates. It’s in the interest of the partnership to manage progression based on merit to maximise fee generation.
My ‘commute’ now is a 15-minute walk which makes the ‘come down’ from the working day very easy. There are lots of outdoor pursuits to follow on the island and the fact that the weather is slightly nicer than the UK helps too.
What’s your view on female quotas in the boardroom? The key to a successful board I believe is diversity, through gender, cultural or educational background. No board should be made up of people all of a similar background and way of thinking. Personally I would never want to be appointed to a board to make up the numbers; I would want to know that I was there through my own merit. The employment arena is changing as we move towards a Gig economy where flexible jobs are commonplace and companies tend toward hiring independent contractors and freelancers instead of full-time employees. So arguably, it’s too late to be discussing quotas in boardrooms.
Much more easily since I arrived in Jersey. I work similarly long hours to when I was in London but of course don’t have the long commute in overcrowded trains.
What’s the most important thing you have learnt during your career? To be yourself and not to be afraid of who you are and where you are from. I was once invited to sit on an interview panel to appoint a headmaster of a well known public school for boys in the UK. I asked why they wanted me involved as I had gone through the comprehensive system and was female. The answer was that the school wanted to have someone with a completely different perspective and background to bring fresh views to the proceedings. From that point I was always proud of who I was and where I was from. What three words would you use to describe yourself Gregarious, dynamic and enthusiastic.
The key to a successful board I believe is diversity, through gender, cultural or educational background. No board should be made up of people all of a similar background and way of thinking
FINVENTION 2017 Where entrepeneurs connect with potential collaborators
Seven minutes - or 420 seconds - is not a long time to walk on to a stage and concisely and coherently present your new product and service to an audience of over 250 people all from the fast moving world of FinTech … but that is exactly what Tim Rawles, owner and managing director of Tiara Software Consultants did at FinVention 2016 when he ‘pitched’ his new project tracking application Troupa (www.troupa.com). ‘Whilst I wholeheartedly agreed with FinVention’s founding objective of connecting entrepreneurs with potential collaborators, my initial concerns centred around the misperception that FinVention was going to be too Dragons’ Den-like in approach and that other presenters would be seriously hi-tech and very space age techies. ‘These concerns were quickly dispelled and were replaced with one over-riding influencer which resulted in me being a ‘pitcher’ at FinVention 2016: the opportunity to get my product in front of over 200 key decision makers, investors and corporate buyers, who were all in one room for a whole day. ‘The immediate response to my presentation was encouraging, with substantiated enquiries at the event itself, and it significantly increased my own personal confidence and motivation to invest further into Troupa and to apply the brakes to any widespread marketing campaign until I felt that the product was 100% ready. Being part of FinVention 2016 exceeded my expectations. ‘The first version of Troupa is now in full production use at a large Guernsey financial organisation. Troupa v2 has been released and is already under a three-month trial at a Guernsey-based bank and a formal demo
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lined up with another potential Guernsey client. In the latter two cases, the contact and ensuing relationship started with people who attended FinVention 2016.’ Troupa was one of twenty ‘pitches’ at FinVention 2016, an inaugural annual interactive one-day forum that showcases the ‘best of breed’ innovative products and services in the FinTech, digital and start-up sectors.
non-executive chairman of FinTech industry body, Innovate Finance, on its launch in 2014 - a position from which he stepped down this year. In 2014, Alastair was appointed as business ambassador to the Prime Minister for the financial services industry by the UK government and today acts as the sole business ambassador for FinTech.
24 demo/presenters will be participating in FinVention 2017 that will be held on Wednesday 15 November at St James, St Peter Port. With its central theme of ‘Digital Guernsey: Great People: Great Innovations,’ the primary aim, as with the 2016 inaugural event, is to further stimulate and increase the volume of conversation that is FinTech and all its potential and possibilities.
Alastair’s newest venture within the dynamic FinTech space has been as founding partner of Motive Partners a next generation financial technology investment firm focused exclusively on the technology enabled companies that power the financial services industry. Motive Partners has been formed to address the unique opportunity in financial technology through an integrated platform with the capability to invest, operate and innovate across the financial technology ecosystem.
A case can be made that the success of any product or service launching, living and maturing in the FinTech space is tangibly influenced by the proactivity of national government and the expertise and forward thinking of the jurisdictional regulator.
Tim Rawles will not be missing FinVention 2017 but this year he will be attending as a delegate. ‘I keep on asking myself “If I hadn’t been part of FinVention 2016, where would I be now?” Probably still at the stage of knocking on doors.’
Alastair Lukies CBE, who will be the keynote speaker at FinVention 2017, is able to speak on multiple FinTech platforms. A UK businessman and entrepreneur best known as a pioneer and champion for the UK’s global FinTech industry, Alastair founded Monitise in 2003. Three years later, Monitise was recognised as a ‘Technology Pioneer’ by the World Economic Forum and in June 2007, Alastair led the company’s demerger from Morse and listing on the LSE’s AIM market. During his time as CEO, Monitise grew to a market cap of US$2 billion employing 1,500 staff on four continents. In 2011, Alastair was named Entrepreneur of the Year at the 2011 Growing Business Awards and he took up his appointment as
FinVention 2017 will take place on Wednesday 15 November 2017 at St. James, St Peter Port, Guernsey. The event is supported by the States of Guernsey and numerous companies from the private sector.
Full information on being a demo/ presenter (‘pitcher’), delegate or exhibitor/sponsor at FinVention 2017 can be found at www.finvention.co.uk or email finvention@eventguernsey.com
By understanding your ambitions and the world you operate in day-to-day, our lawyers are able to fine-tune their advice and find new ways to add value. This personal approach to delivering businessorientated solutions helps us advise on a wide variety of matters making us the offshore adviser of choice for multinationals, international banks, funds, local businesses and private clients.
BIGGER PICTURE
Seeing the world from your perspective O FFSH OR E L AW S PEC I A LI ST S B R ITIS H V I R G I N I S L A N D S CA PE TOW N
H O N G KO N G
CAYMA N ISL A N D S LON DON
GUE RN SE Y
SI N GAP ORE
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careyolsen.com
GUER NS EY PE OPLE
ROY MCGREGOR Roy is Imperium Trust’s new chairman following the retirement of Peter Snowden. Roy was formerly CEO of Credit Suisse in the Channel Islands, a role that he held for 10 years. He has also held senior positions for several international organisations including Coutts & Co., SG Hambros, NatWest and PwC across Europe and Asia. Commenting on his new role he said:
PwC has appointed Tony, Stephanie and Steven as directors. Tony focuses on financial services, predominantly the provision of audit and advisory services to alternative asset management clients. Stephanie specialises in the London-listed fund market, in a range of sectors from commercial real estate to the more alternative type such as infrastructure and peer-to-peer lending. Steven’s key area of focus is on private equity, infrastructure and pension funds. Senior partner Brendan McMahon said:
PETER WEBBER Peter Webber is Cazenove’s new client director. Peter has a 25-year career in private banking and wealth management, predominantly with Credit Suisse Group where he held senior management roles in Guernsey and Jersey, as well as periods spent in London, Geneva and Chicago. In his new role, Peter will be responsible for business development in Guernsey. Julian Winser, CEO, said: ‘We are delighted that Peter has joined us. Peter has a wealth of experience, having worked in Switzerland and the UK prior to coming back to Guernsey. He will share this experience with our international clients who touch Guernsey, Jersey, Isle of Man, Gibraltar, Malta and Bermuda.’
KIM PAIVA
EDWARD STONE
DAN TAYLOR
Kim has been promoted to the role of senior counsel.
Edward has been appointed as Locate Guernsey’s UK representative.
Rihoy & Son has appointed Dan to its board of directors.
Kim is a corporate and finance lawyer and joined the firm (then AO Hall) as an associate in 2010 having moved from her native South Africa and was promoted to senior associate in 2014. In her new role, she will be responsible for establishing her own practice areas and client base.
Edward is an experienced private client lawyer and has existing business connections with the island. He has more than 20 years’ of experience advising HNW individuals, trustees, beneficiaries and settlors on wealth succession planning and on questions of residence.
Dan joined Rihoy & Son in 2014 as project manager then set up the firm’s bespoke projects department, managing a team offering project procurement, estimating, project management, quantity surveying and client relations roles for domestic and commercial projects. Dan is an incorporated member of the Chartered Institute of Building.
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‘These appointments reflect the direction we continue to take in our business across the islands and I congratulate the group on their very well-deserved success.'
CA C A ZE PI NO TA V L E
C TONY CORBIN, STEPHANIE COXON AND STEVEN LE PREVOST
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‘There has been a degree of consolidation in the fiduciary sector recently. An independent trust organisation such as Imperium is in a strong position to capitalise on the changes in the market place. I am looking forward to supporting the team to achieve its future strategic growth objectives.’
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IM P TR ER US IU T M
These people made a great move
Group partner and team leader Sam Shires said: ‘Kim is well-liked and highly regarded by her colleagues and Walkers’ clients. Her promotion to senior counsel reflects that and I know that the work being referred to Walkers in Guernsey from the wider group will grow because of her reputation.’
He said: ‘Guernsey is a fantastic place to live and work and I’m really excited to play a part in conveying that message to the wider world. The high quality of life in the island; its attractive tax regime for businesses and individuals and the ready-made ‘route-in’ represented by the open property market, mean that Guernsey is an excellent place for relocations.’
Managing director Gavin Rihoy said: ‘It's with a warm welcome that Dan joins the board. His entrepreneurial drive, keen interests in local politics and our economy have already made their mark. He has a lot to offer in the coming years.’
Meet the team Left to right Jenny Melissa Nadine Liga
Lisa Anna Becky Kirstie Patrick.
G U E RN S E Y PE OPL E
Paula spent the past five years working on trust and private wealth matters. She is a qualified member of STEP and frequently contributes to publications spotlighting the Guernsey trust industry.
He said:
C SU RE IS DIT SE
‘We are delighted to welcome Paula to our private client & trusts practice. Paula has a vast knowledge of Guernsey trust law and her appointment further strengthens our ability to offer a seamless service to our clients.’
SIMON WELCH, STEPHEN FALLA, CHRIS TRUDGEON AND PAUL BANBURY Simon is the bank’s new head of legal in Guernsey, while Stephen has joined as head of IT. Heading up the first line of defence support is Chris Trudgeon, with Paul Banbury moving to Guernsey from Credit Suisse in the UK to take up the position of head of credit risk. CEO Paul Annegarn said: ‘Credit Suisse is back in a period of re-building and growth. It’s an exciting time for the bank, and with Simon, Stephen, Chris and Paul on board, we have a bright future. All four of these executives have a huge amount of experience in their fields and will be a great asset to the bank.’ Photo l to r: Stephen Falla, Simon Welch, Chris Trudgeon
situations.gg
M B AC RO D O O KS N AL D
Group partner Alison MacKrill said:
‘I’m so pleased to be returning to the Red Carnation family once again, it really does feel like I’m coming home. The RCH collection is renowned the world over for its exceptional standards of personalised service and generous hospitality, and so I’m looking forward to working closely with the talented team in Guernsey to continue exceeding guest expectations at The Duke of Richmond.’
M O OU ZA R N AN N T E Nicola and Teresa have joined the firm as associates in its property practice. Nicola, who joins from a leading Scottish law firm, advises on matters relating to commercial and residential property. A qualified advocate, Teresa specialises in wills, probate and capacity issues and has more than 12 years' experience advising on a variety of contentious and non-contentious matters. Partner Mark Torode said: ‘These appointments will allow us to service an increasing number of instructions while maintaining the exceptional level of client service our clients expect. Nicola and Teresa are both excellent lawyers and I am certain that they will be valuable assets to our busy team.’
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Norbert is the hotel’s new general manager. Norbert returns to the Red Carnation Hotel Collection following a six year stint as the Food and Beverage Manager at London properties Hotel 41 and The Rubens at The Palace, from 2004 to 2009.
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Paula joins Appleby’s private client and trusts team as a senior associate, advising on all aspects of trust law, which includes the establishment, restructuring and winding up of private, charitable, purpose and commercial trusts and foundations.
NICOLA JOHNSTON AND TERESA DE NOBREGA
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NORBERT STUMP
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PAULA FRY
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...and so can you with situations.gg
BEN CHANDLER
ANDREW MAIDEN
Ben has been appointed investment manager in the firm’s Guernsey office.
Andrew has been appointed as director in the fund services team with specific focus on business development and managing the firm’s existing client relationships.
Ben will work closely with investment director, Mark O’Connor, with responsibility for managing a range of bespoke discretionary portfolios and maintaining and developing client relationships. He joins from Butterfield Bank where he worked for 18 years as an investment manager. Mark O’Connor said: 'Attracting an individual with Ben’s impressive technical ability and excellent relationship management skills will really add to the dynamic of our investment team here in Guernsey. We are focused on maintaining our high levels of client service as we continue to expand, and we are delighted Ben has chosen to join the team.'
Andrew brings more than 20 years’ experience in the offshore fund administration industry and has expertise in dealing with private equity, infrastructure, real estate and listed funds. He will be responsible for ensuring Intertrust's global ambitions for fund services are realised in key locations such as Guernsey. Michael Johnson, head of Channel Islands funds, said: ‘Andy brings with him significant funds expertise in all asset classes and joins us at a confident time for our funds services business.’
The recruitment people
email team@situations.gg, call us on 710639 or visit www.situations.gg
www.je.logicalis.com | www.gg.logicalis.com
Maintenance, Management and Monitoring :
Who is watching over your systems? Your systems are connected to the Internet 24/7. When you go home for the day - they stay connected. Whilst you enjoy your weekend - they stay connected. The risk is 24/7. Our security operations team are monitoring systems 24/7 - alert and ready to respond and protect your data and assets.
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Professional Services | Managed Security | Security Operations Centre If you would like more information on how Logicalis can provide secure maintenance, management and monitoring for your business, call our experts in Jersey on 288088, or in Guernsey on 737000 for a no obligation and confidential discussion.
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ACT ION COAC H
THE VALUE OF BUSINESS PLANNING
Alan Chapman, director of ActionCOACH, shares some research into what makes a successful business plan. I thought it timely to share this interesting article about business planning.
article will look at what singles out a successful business plan.
This is the one thing we are always advised to do but weighing up the time spent to create something that is actually of any value against spending that same time trying to make sales is an age old debate. So instead of throwing it to the lap of the gods, I thought a look at some actual research might be helpful.
The successful business plan – some key questions
The following article by Professor Andrew Burke was published in the Journal of Management Studies. Do business plans add value? At one level, the results of our research could be interpreted to mean that business planning looks like a bad thing, since we confirmed that a lot of high performing ventures elect not to write business plans. Certainly business planning doesn’t come free – it is a time consuming exercise and any business has to weigh up the value that is generated from spending time writing a business plan versus simply going out there and trying to sell. This can be particularly beneficial when a venture is launching a product or service in a very uncertain market, where even after carrying out plenty of analysis, uncertainty still remains. However, what we found was that business plans do indeed add a lot of value to the businesses that choose to write them, including high quality ventures, and these effects are quite dramatic. Growth in the venture is increased by a factor of around 30% as a result of writing business plans. This benefit cannot be ignored. But particularly it is the quality of the business planning process which counts, and this
Based on 20 years’ experience of working with new ventures, the key component of success is not simply having a business plan, it is what type of business plan that you have. What is the uniqueness of the business proposition? If we take the fact that most businesses fail within five years of start up and yet virtually every business plan has at least five years of financial projections it tells you that a surviving or high performing business must be unique. So one of the key things therefore is that a business plan must identify what feature is going to distinguish it from most businesses which we know will fail. It must deliver this knock-out punch right from the start; ideally in the executive summary. Is it a purely desk based plan? A major turn-off in assessing the strength of a business plan is where it becomes apparent that the business plan has been written by somebody who has remained behind a computer for the entire exercise. The business plan must be based on a real feel for the business, not just a set of figures produced from the desk top. Business plans really need to give an insight into the lead entrepreneurs and it is not good if it serves to show that the founders have not ventured out to try to sell to customers. How realistic are the assumptions underlying the financial projections? People often mistakenly think those who make judgements about business plans will
bUy lots of analysis and financial acrobatics. Much more pertinent and what people really focus in on are not the formulae, but the assumptions behind them. For example, are the projected volumes of sales realistic? Are there other businesses like this one that have delivered similar sales? Are the costs accurate? The key lesson we have drawn from our research is that much depends on what you are writing the business plan for and insight into the context of your business. Is the business plan static or dynamic? There is a misleading false debate around two distinct approaches; a very rigid sort of plan, where people can predict the future with great accuracy versus a no plan approach which involves getting out to the market and starting to trade, assessing the information gained and adapting the business as a result. The truth is that the best business plans involve both approaches and adapt when the facts emerge differently than anticipated. In summary The essence of business planning is how you approach the task. It is not either to plan or not. The best business plans take both the information gathering and the formal plan approaches together. Ultimately a plan is not so much about trying to predict the future with pinpoint accuracy, it is a plan about how to be adaptable, how to sustain the business and how to develop it towards exploiting the target market opportunity. Professor Andrew Burke is the founding director of the Bettany Centre for Entrepreneurial Performance and Economics at Cranfield School of Management.
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2018 GUERNSEY
THURSDAY 13TH SEPTEMBER 2018 CELEBRATING THE CENTENARY OF THE ROYAL AIR FORCE, 1ST APRIL 2018 AND PROUD TO BE PART OF BATTLE OF BRITAIN WEEK
The RAF100 programme will salute the Royal Air Force Centenary and: • COMMEMORATE – RAF’s achievements and all those who have served • CELEBRATE – the RAF of today • INSPIRE – RAF Family and the wider public about the RAF’s future The history of the Royal Air Force starts on 1st April 1918 when the Royal Air Force is formed with the amalgamation of the Royal Flying Corps (RFC) and the Royal Naval Air Service (RNAS). The RAF took its place beside the British navy and army as a separate military service with its own ministry. 1st April 2018 will mark the centenary of the Royal Air Force; its achievements over 100 years and honour all those who have served and who continue to serve in conflicts around the world. The RAF Family includes: the Whole Force; veterans, the Air Cadets; the RAF charities, business or industry partners; or indeed anyone associated with the RAF – and that includes Guernsey and the Guernsey Air Display. The Guernsey Air Display is appealing to all companies in the Bailiwick of Guernsey to support the 2018 Guernsey Air Display in the landmark Centenary year of the Royal Air Force and to become Consortium Members. 2018 Guernsey Air Display will be held on Thursday 13th September: your Air Display and RAF100, the Centenary programme, need your support.
2018 CONSORTIUM PACKAGES
GOLD £2,950
SILVER £2,450
BRONZE £1,950
Places at the Guernsey Air Display reception at Castle Cornet At the additional cost of £60 per person Extra places can be purchased subject to availability @ £60 pp
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2018 Guernsey Air Display pin badges For all guests attending the Air Display reception at Castle Cornet
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Island FM radio advertising 15 x 10 second bespoke advertisements (one script with Consortium corporate name given) to be aired in the week leading up to the Air Display CT Plus (buses.gg) Logo on boot lid and rear window vinyls to be on a CT Plus buses.gg for 3 months leading up to the Air Display Official Air Display programme Logo on back cover Digital promotion Inclusion of company logo and hyperlink on www.guernseyairdisplay.com and www.eventguernsey.com Inclusion and tagging (where accounts are available) in social media posts on Facebook, Twitter and LinkedIn Prize Draw to win a 20 Minute Aerobatic Display
For more information on the 2018 Guernsey Air Display, RAF100 Programme and how you can pledge your support, visit www.guernseyairdisplay.com or email natalie@eventguernsey.com / alex@eventguernsey.com
TAKING TO THE SKIES The Royal Air force Battle of Britain Memorial Flight (BBMF) celebrates 60 years this year. Contact found out about some of its history and key people
Some facts
time – a considerable commitment.
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The BBMF was inaugurated on 11th July 1957, at RAF Biggin Hill in Kent, as the ‘ RAF Historic Aircraft Flight which initially consisted of three PR Mk XIX Spitfires and the RAF’s last airworthy Hurricane, LF363.
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It was soon renamed the ‘Battle of Britain Flight’ and then in 1969, to reflect its wider commemorative role, it became the ‘Battle of Britain Memorial Flight’ (BBMF).
The BBMF Spitfires and Hurricanes are flown by RAF fighter pilots. There are normally five fighter pilots on the team. One of these is the present officer commanding (OC) and one the next OC, who serves as a volunteer for four years to gain the required experience before taking command.
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Between 1959 and 1965 the Flight had only one Spitfire (PM631) and one Hurricane (LF363) on its strength. Now, as a ‘museum without walls’, it maintains 12 historic and irreplaceable aircraft in airworthy condition: an Avro Lancaster, a C-47 Dakota, six Spitfires, two Hurricanes and two de Havilland Chipmunk training aircraft.
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The BBMF is a regular RAF unit, manned by service personnel and funded by the Ministry of Defence. Those who serve with the Flight feel extremely privileged to work with and to fly the BBMF collection of historic aircraft, which are all precious artefacts of the RAF’s and the Nation’s aviation heritage.
Meet the pilots There are only two full-time pilots on the strength of the RAF BBMF: the officer commanding (a squadron leader) and the operations officer (a flight lieutenant). All the other BBMF aircrew are volunteers with primary duties in the wider RAF, who fly the BBMF aircraft mainly in their own
The current officer commanding is Squadron Leader Andrew Millikin was born in 1973 and was educated at Stamford school. He studied politics and international relations at Southampton University. With a long held aspiration to become an RAF pilot he joined Southampton University Air Squadron in 1992 flying the Bulldog where he accrued the imaginative moniker ‘Milli’. He became an RAF bursar the following year. After completing his degree in 1995 he joined the Royal Air Force and once he had finished flying training in 1999 he was privileged to be selected to fly the Jaguar on 6 Squadron at RAF Coltishall in Norfolk. During this tour he took part in exercises in Alaska, California, France, Denmark and Oman. He also flew on Op RESINATE over Iraq to enforce the No-Fly Zone which protected the Kurds from Saddam Hussein. Milli joined 54(F) Squadron in 2003 where he flew in Oman, Denmark, France, Gibraltar, Cyprus, Norway and Canada. He accrued over 1200 hours on the Jaguar before he was fortunate enough to be selected for an early posting to the Typhoon in 2005. He joined 17(R) Squadron and was involved in the operational development of the aircraft, specialising in its defensive aids system and its capability as a strike platform.
The associated trials flying resulted in a large amount of time spent in the Nevada and Mojave deserts. Milli was promoted in 2008 and posted as a flight commander on 29(R) Squadron where he became a CFS accredited qualified pilot instructor, teaching both RAF and Royal Saudi Air Force pilots to fly the Typhoon. He ran the first Typhoon Qualified Weapons Instructor course in 2009. Because of his air-to-surface experience he was detached to XI Squadron on Operation ELLAMY flying the Typhoon in the RAF’s highly successful mission to protect the people of Libya against Muamar Gaddafhi. That year he was also lucky enough to intercept 2 Russian Bear bombers off the coast of northern Scotland. He joined the Typhoon Mission Support Centre in 2011 but continued to instruct on 29(R) Sqn and fly the Typhoon with the 3(F) Sqn. He routinely conducted quick reaction alert duties to protect the security of the UK’s airspace. That year he joined the Battle of Britain Memorial Flight as a volunteer pilot flying the Chipmunk, Hurricane and Spitfire. He has been the leader of the Synchro display since 2013. The 2017 display season is his 6th year and his second as the boss. Milli is a third generation RAF pilot; his grandfather won the DFC during two operational tours on Lancasters as well as flying the Spitfire as a Unit Test Pilot. His father flew and displayed the Vulcan bomber and took part in both the Falklands and Gulf wars. His younger brother is a Voyager tanker captain and has flown in Gulf War 2, Afghanistan, Libya and currently Op SHADER.
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let’s talk your career
WENDY INNS
TIM RATTRAY
TIM MITCHELL
Hawksford has appointed Wendy as associate director.
Tim has been appointed as managing director of Vantage Insurance Brokers Limited.
Tim has joined Rossborough as professional risks practice leader.
Wendy has 30 years’ financial services experience, including 20 years in management across wealth planning and trust administration. In her new role, she will be responsible for managing a team of client administrators and acting as a key contact for clients, which include multinational UHNW entrepreneurs and international UHNW families.
With over 30 years’ industry experience, Tim was previously MD of the Rossborough Insurance office in the Isle of Man. Tim has relocated to Jersey to spearhead the growth of the Vantage group’s insurance broking business.
He brings an extensive background in providing insurance solutions to manage professional indemnity, directors’ and officers’, crime and other risks faced by the financial services industry. His appointment enhances the knowledge and expertise in a growing area of the business.
CEO, Michel van Leeuwen, said:
‘I am delighted that Tim has joined us to drive this side of the group forward. I have known Tim for many years, having worked with him in his previous role. He brings a wealth of experience and the skills and knowledge to expand our insurance broking business to realise its full potential.’
John Lowery, head of professional risks at Rossborough, said:
TE NA RN T W AT ES IO T N AL
‘The financial services sector is complex and ever-evolving, requiring a wide range of diverse solutions. With Tim on board we are able to further extend our offering and strengthen our local expertise to drive forward this area of the Rossborough business.’
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‘Wendy is highly experienced and has led various successful client service initiatives, which is a good match for Hawksford’s focus on excellent service provision. She has a strong background in the re-organisation of client structures and understands the Hawksford way.’
Richard Packman, Vantage Group CEO, commented:
PATRICK BURKE
NEIL HOWLETT
Patrick, owner of The Atlantic Hotel, has been named as one of the UK’s Top 25 Hoteliers in the inaugural Brit List from Hotel Designs.
Neil has been appointed partner with PwC.
The Brit List recognises the most influential and inspirational individuals in the hotel and industry. The list was compiled through both peer nomination and a panel of industry expert judges.
Neil has been with the PwC network for 15 years. He will continue to play a vital role in leading and shaping PwC’s strategic direction, with particular focus on the advisory services, having overall responsibility for leading the advisory team across the Channel Islands.
Patrick said:
Senior partner, Brendan McMahon, said:
‘It’s a great honour as a Jersey hotelier to have been recognised. The hotel industry is in my blood, with my father Henry long ago inspiring me to follow in his footsteps. I continue to be influenced today by my peers and am privileged to work in a truly remarkable industry.’
‘Neil has a proven ability to build trusted and collaborative relationships with clients, helping them to respond to growth aspirations and complex operational challenges in a simple and effective manner. This, combined with his experience of working cross border, has resulted in Neil leading many advisory projects outside the islands.’
MARCUS NOBES AND TINA CARTER Marcus and Tina have joined the bank’s wealth office team. Marcus has worked for RBS International for nearly 30 years and has extensive experience in relationship management. Tina joined RBS in 2014 and has 13 years’ experience as a relationship manager having previously worked for Standard Chartered Bank for 20 years. Steve Camm, managing director Wealth, NatWest International, said: ‘We strive to provide a quality, highly personalised service to our customers, and the extensive banking experience that both Marcus and Tina have gained in their roles as relationship managers makes them ideal additions to the Jersey team.’
email us at: letstalk@glsrecruitment.com
J E RS E Y PE OPL E
SAM METLAND
ASHLEY CORREIA AND TOM NUTH
Solange has been appointed to the new role of operations manager.
SANNE has appointed Sam as director of product development.
Ashley and Tom have been appointed as trainee stockbrokers.
An experienced trust professional, Solange joined Alex Picot Trust in 2002 and now holds the dual role of operations manager and senior trust officer. She will continue to manage a team of trust and company administrators, while providing direct support to the directors in the day-to-day management of the business.
Sam brings more than 10 years’ industry experience that includes time working in New York, Luxembourg, Singapore and the Channel Islands. In his new role, he will work closely with the firm’s managing directors and heads of business to develop an integrated client services business strategy
Ashley joins from RBSI where she was an assistant relationship manager; Tom was previously working as a trust administrator.
SAMUEL MUNN, KARL DE SOUSA, PAUL–ALEXANDRU ANDREI, CHRIS BROWN AND CHRIS COATES Samuel and Karl have joined the firm as SOC analysts, assisting in the implementation of different technologies. Paul–Alexandru has been appointed SOC security specialist to identify potential threats for Logicalis’s clients. Chris Brown has taken a role as operations consultant and Chris Coates joins as a network security specialist responsible for managing firewall solutions. Paul Johnson, security operations manager, Logicalis said: ‘These appointments are a direct response to the increased demand we are experiencing for our services. With information security such a topical issue at present, it is essential that we ensure we have the most experienced staff on board.’
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N ‘Sam is well known in the alternative asset community and we will benefit from his industry knowledge and experience as we continue to grow. Our focus on innovation and technology will continue and Sam’s appointment at SANNE will help us in achieving our technology and product development strategy.’
Haydn Taylor, managing director of Ravenscroft in Jersey said: ‘The last year has been a very busy one for Ravenscroft, which in turn has led to a number of high profile appointments. We pride ourselves in not only having the highest quality stockbrokers, but also developing young talent and investing in our and their future. Ashley and Tom have the drive and ambition that we like to and I have every confidence that they will become very able stockbrokers.’
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‘This new role is integral to the continued success of Alex Picot Trust and Solange has the experience, knowledge and skills to support us. Solange demonstrates excellent leadership skills and professionalism and we’re delighted to have her involved at an operational level.’
Senior managing director, Philip Godley said:
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Director Andrew Le Cheminant said:
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glsrecruitment.com
GUNTHER THUMANN
JONATHAN MYNES
Gunther has been appointed chairman of Jersey Finance.
Jonathan is Brooks Macdonald’s new head of adviser solutions.
Gunther has held senior economist positions for the German civil service and the International Monetary Fund. Since 2007 he has been partner, CEO and chairman of the board of Brevan Howard Capital Management in Jersey.
Jonathan, who moves to Jersey from the Guernsey office, will head up a team responsible for managing the company’s relationships with independent financial advisers across the Channel Islands, Europe, Middle East and Africa. He has over 15 years’ experience in the financial services industry.
Commenting on his new role he said: ‘I am delighted to be joining Jersey Finance. Jersey is operating in a dynamic global market. As the body which represents and promotes the island, Jersey Finance has a vitally important role in ensuring that the industry remains highly competitive and the island retains its global reputation as an international finance centre of excellence.’
call us on: 01534 852 111
Darren Zaman, CEO, said: ‘Jonathan has a wealth of experience having successfully headed our Guernsey investment team through a period of change and growth. His understanding of the business and our investment proposition ideally positions him to further develop our international adviser business, which is key to our strategic growth plans.’
or visit: www.glsrecruitment.com
E N ER GY AND THE E NVIRONM E N T
The Channel Islands and their energy future – have you considered CHP? Bob Beebe, International Energy Group industry partner, explains the growing trend towards combined heat and power technology use. Waking up that late June morning last year to the news that Britain would be leaving the European Union meant different things to different people, but it made us all think about the possible impact it will have not only for ourselves as individuals but what it will mean in the long term for our island life in both Guernsey and Jersey. This is not just about how we go about our daily lives but also what it will mean for the markets we operate in. As Britain continues the renaissance of its energy industry through investment in renewable energy, the UK government has announced that the last coal power station in the UK will close its doors by 2025. Greg Clark (energy secretary) said the move sent a clear signal that the UK was a good place to invest in clean energy... ‘Taking unabated coal power out of our energy mix and replacing it with cleaner technology, such as gas, will significantly reduce emissions from the UK’s energy use’. But what do these trends mean for Guernsey/Jersey and their respective energy markets? One of the emerging technologies gaining momentum in the UK, Europe, and across Guernsey and Jersey, is the use of combined heat and power (CHP) technology. What is CHP technology? A CHP system is the use of a prime mover or ‘heat engine’ to generate electricity and produce useful heat energy at the same time. In stand-alone production of electricity, some energy must be rejected as waste heat but with a CHP process, this can be utilised in district heating schemes for small groups of
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houses, or as part of an integrated heating scheme in perhaps a larger building complex such as a hospital, leisure centre or hotel. There are several schemes already operating successfully in Guernsey and Jersey, with significant cost and environmental efficiencies. For many organisations, CHP is the measure that offers the most significant single opportunity to reduce energy costs and improve environmental performance. Because the use of CHP units/plants tend to used at the point of use in a building complex or site, they can provide energy requirements which otherwise may be difficult to achieve from conventional sources due to remoteness of location for example. Furthermore, as electricity is generated and supplied at a local point, electricity transmission losses from traditional sources, which can be around 4-6%, are also avoided. Typical thermal efficiencies for CHP technology can be upwards of 90% in most cases. This effectively reduces the carbon footprint of a building's energy profile considerably. CHP system design can mean that provision can be made for an independent ’islanded’ supply of electricity and heat that can be disconnected from a conventional electricity network and provide energy supply completely locally at the point of use. CHP systems can also use the heat generated at moderate temperatures in absorption chillers, thus providing cooling to buildings. This process is known as tri-generation.
What are the advantages of CHP? • CHPs have an efficiency of 90%+ • Operators typically save around 20% on energy bills • Operators can reduce carbon emissions by up to 30% • Energy supply security is enhanced When you should consider using CHP process/technology? When a CHP system is being considered in development of a building or housing development, renewable energy technology can also be incorporated to complement the primary energy system. The use of solar photo voltaic (solar PV) electricity and solar thermal (water heating from solar energy) panels can produce very efficient building schemes. CHP systems and district heating schemes also allow developers to streamline building design and reduce ‘kit’ on site (i.e. unsightly oil/water storage tanks and bunds, etc). The ideal time to consider installing CHP technology is at the design stage; however, it can also be successfully retrofitted into existing buildings/sites, particularly if upgrading the building boiler that could feasibly be replaced by CHP technology. CHP is a proven technology that can contribute significantly to helping the environment, improving security of supply and being affordable at the same time. Combine this with the use of high efficiency appliances and low energy lighting and the benefits will be clear to see.
A step forward to greener Island living
Combined Heat and Power (CHP) provides the single biggest opportunity to reduce energy costs and improve environmental performance. For further information please contact Guernsey Gas
Jersey Gas
Paul Torode paul.torode@i-e-g.com 01481 724811
Andrew Robinson arobinson@jsy-gas.com 01534 755500
E NER GY AND THE E NVIRONM E N T
Avoid a strike Channel Island based company Lightning Enterprises CI Ltd has recently completed additional accreditations to become one of only 8 members of the elite DEHN Premier Installer Group alongside some of the biggest names in the industry. With over 20 years in this specialist field which includes supplying lightning protection systems (LPS), specialist earthing solutions and associated protection products, the company has an excellent reputation for quality customer service, quick response times and in depth technical experience, making us the provider of choice for many critical infrastructure buildings, service providers and property owners across all of the Channel Islands. LPS systems are being specified more and more due not only to the protection of
building fabric but also to the increasing value of systems and equipment housed in both commercial and domestic premises. Insurers can refuse to cover replacement costs of equipment if appropriate protection measure have not been installed and maintained. Tim Guilbert, company director, says: ‘Our experience of working directly for clients and through architects, specifiers, consultants and main contractors and our depth of knowledge of construction at all levels gives us a real opportunity to forge a
IF LIGHTNING STRIKES, WHERE DOES YOUR PROPERTY STAND? Don’t leave it to chance. Make sure your property is protected with a Lightning protection System (LPS). Lightning Enterprises is the only LPS Specialist in the Channel Islands with over 20 years experience in this field and supply LPS, specialist earthing solutions and associated protection products.
Having an excellent reputation for quality customer service, quick response times and in depth technical experience, makes us the provider of choice for many critical infrastructure buildings, service providers and property owners across the Channel Islands. We are also one of only 8 members of the elite DEHN Premier Installer Group.
For more information call Tim Guilbert on: 01481 244676 or email tim@propertyplus.gg
working relationship that delivers value for money protection, support and advice. We are always happy to help our customers understand the needs and options for LPS which can be cost effective and unobtrusive. ‘We are also very excited to be expanding our business to include the South of England area and furthering our knowledge with additional training in Germany for highly specialist applications.’ Lightning Enterprises CI Ltd is a member of The Federation of Lightning Protection Specialists and an active member of a wide range of construction and specialist national associations.
E N E RGY AN D T H E E N V IRON MENT
Balancing customer expectation with environmental responsibility As a previous award winner of the States of Guernsey ‘Keep Guernsey Green’ award, Guernsey Post continues to focus on best practice in energy conservation and waste management. Its recent addition of 19 electric vans to its delivery fleet and a commitment to have a full fleet of electric vehicles within the next five years is testament to Guernsey Post’s environmental credentials.
is higher than a diesel equivalent, at approximately 85 miles per charge at a cost of about 2p per mile, compared to 21p per mile for diesel it makes for sound financial investment with an expected payback within five years.
The digital revolution has seen a well-publicised demise in letter mail but, conversely for Guernsey Post, the online shopping boom has seen exceptional growth in parcel volumes. Postal companies all over the world are having to adapt to keep pace with this change and Guernsey Post is no exception. Last year the company launched a project that is now near to completion and which will see all but four of its bicycle delivery rounds combined with its parcel deliveries meaning 72 of its 76 delivery rounds will be completed in a van.
Feedback from the posties driving the new electric vans has been very positive and the investment has generated a lot of interest from members of the public and tradesmen considering whether to make the switch to electric vehicles themselves. Guernsey as a small island with lots of stop/start driving is an ideal location for electric vehicles – no engine idling or engine revving required – and no fumes!
The Nissan NV200 vans were selected for their size and suitability for the island’s roads and have the capacity to carry the ever-increasing parcel volumes more efficiently. In order to minimise the impact of the additional vehicles on the roads, from the beginning of 2017 Guernsey Post switched to the electric version of the same vehicle. Working with Guernsey Electricity, Guernsey Post has installed eight charger posts at its Envoy House building, capable of charging up to 16 vehicles simultaneously. Although the initial investment in the electric van
So whilst replacing the traditional and much loved postal bikes marks the end of an era for Guernsey Post, the 59 bikes have been donated to The Eleanor Foundation as part of the Bikes to Africa scheme. The bikes provide a sustainable mode of transport that makes daily tasks, such as collecting water, faster and easier in remote parts of Africa. To ensure longevity of the bikes, recipients receive information and tools to help them care for the bikes too so the posties bikes will have many miles still left in them. As one of the larger employers in the island, employing over 250 staff and utilising a fleet of over 100 delivery vehicles on a daily basis
Guernsey Post has a large part to play in minimising the impact these vehicles have on the environment and one which it takes seriously. The company is also now exploring electric alternatives for its small number of larger trucks, which are used primarily to convey mail to and from the airport, as well as investigating options for the installation of solar panels at its headquarters. It is hoped that the entire fleet could one day soon be solar powered. And it’s not just with its vehicles that Guernsey Post is finding ways of minimising its energy consumption. Another project the company undertook last year was to replace its old and inefficient lighting at Envoy House with a new LED system. The results speak for themselves, a reduction in energy consumption of 45%. Renewable energy and the use of electric vehicles in Guernsey is definitely on the rise, and with quite a few local companies following Guernsey Post’s lead the future is looking sparky. With the recent announcement that the sale of petrol and diesel vehicles will be banned in the UK and France from 2040 it will be interesting to see the developments over the next ten years. *The Eleanor Foundation accepts bike donations all year round. To donate, please call Mr Iles on 01481 263584 or email terryiles@cwgsy.net
The company is also now exploring electric alternatives for its small number of larger trucks, which are used primarily to convey mail to and from the airport, as well as investigating options for the installation of solar panels at its headquarters. It is hoped that the entire fleet could one day soon be solar powered
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The recipe for a greener home HYDRO
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CABLE LINK
Start with the right mix At Guernsey Electricity, although we maintain the ability to generate enough to power the island, we now import the majority of our electricity from sustainable sources in France, including hydro-electric and low carbon nuclear.
Add energy efficient appliances Invest wisely in your appliances and they can save on your electricity bills. Inefficient old appliances use more than newer models whilst the latest washing machines and dishwashers save on both energy and water use. Call in to our shop for the latest energy efficient appliances. T | 241941
This means that before you even plug anything in, we’ve already helped you lower your carbon footprint.
Use natural ingredients where possible If you are able to consider installing a solar system to work alongside your heatpump or electric boiler these will help further reduce your energy use and bills. Guernsey Electricity has a fully qualified Low Carbon Consultant who can advise you on the best system for you.
Heat carefully Home heating design and installation T | 241984 or 200700 Press 2 Changing your home heating is one of the easiest ways to reduce your impact on the environment. Because of the lower carbon energy mix that goes in to electricity in Guernsey, changing existing fossil fuel systems such as oil and gas, will see you well on the way lowering your carbon footprint.
Contractors Professional electricians, plumbers and fitters. Free design service. T | 241984
If you’ve inherited an inefficient or expensive heating system, contact us to find out about the benefits of Electric Heating. Our Energy Team offers a free design service to help you update your central heating with a new electric boiler, opt for super efficient storage heating or free up your wall space with underfloor heating. For a FREE quotation call us on 241984 and join the thousands of islanders who have already made the switch to electric heating.
Powering Life, Today & Tomorrow Northside, Vale
Telephone: 200700 admin@electricity.gg
www.electricity.gg
/guernseyelectricity
@gsyelectricity
E N E RGY AN D T H E E N V IRON MENT
Powering our lives into the future For an energy company to predict there may come a time when it won’t generate any power might seem unusual but it’s a possibility, according to Guernsey Electricity chief executive officer Alan Bates. Electricity is absolutely essential to modern day life, but few of us think about the process behind the flick of a switch. It’s only been 120 years since an electricity generating and distribution system was developed in Guernsey. That said, the last two decades have seen significant developments as Guernsey Electricity focuses on ensuring a secure, affordable and reliable energy supply for the island’s future. Through the Channel Islands electricity grid, Guernsey and Jersey take low carbon electricity from the European grid via undersea cables between France and Jersey and onward to Guernsey. Guernsey’s import capacity is now more than 95% of its electricity requirements with 30% of the imported power coming from hydroelectricity, and the remainder being from low carbon nuclear. While we can rely on this link for virtually all our power, Guernsey Electricity is still mandated by the States to ensure sufficient on-island capacity to independently meet the island’s needs at its highest level, to ensure security of supplies. The recent £29 million investment in two new diesel engines provides that back-up, which can be operational faster as well as being more efficient and therefore more environmentally friendly than previous engines. However, further strengthening our security of imported supply is a priority for us. With just one cable currently connecting Guernsey to the European Grid, via Jersey, securing a direct power cable from France to the island is critical. We’re progressing plans for this link, whilst being mindful that it remains affordable for customers and does not adversely impact the business’s financial performance, or the opportunity for development of local renewable energy
generation. This approach will allow us to maintain affordable pricing whilst obtaining electricity from non-hydrocarbon-based sources in Europe and therefore supporting the island’s carbon reduction aspirations. However, looking further ahead, we’ll undoubtedly see unprecedented rate of change in energy technologies – and Guernsey Electricity will need to strategically manoeuvre itself to maximise opportunities while minimising and controlling the threats to certain consumer groups. The concept of distributed energy resource ‘DER’ through the use of renewables and energy storage will challenge the traditional methods of centralised bulk energy production (in which electricity is generated and acquired at one point and sent around the island by a distribution network). And we expect a steadily increasing proportion of the island's power requirements to be harnessed in this manner. Our planned participation in DER schemes through asset ownership and operation will demonstrate commitment to the low carbon agenda aspired to by the government, whilst ensuring all our customers benefit.
within the power system will result in less reliance on traditional forms of hydrocarbon-based power generation which backs-up our connections to the European grid. Decreasing costs in energy storage mean that large scale on-island battery systems could displace the traditional plant we use for short term reserves, whilst also being used for other services like grid balancing and supporting the integration of large scale renewable schemes. Change will continue in the electric transport market, with the key milestone of 1% of active vehicles on the island being 100% electrically powered within the next five years. This represents a modest proportion of the annual electricity demand (around 0.2% of existing demand), but will be a positive sign for the long-term future where a fully electrified transport market would equate to 20% of current demand. Furthermore, electric vehicles contain substantial batteries which, in future, could provide stored energy for use in the home when the vehicle is not being driven.
Longer term we foresee many domestic and commercial customers becoming ‘prosumers’ – customers who both produce energy (e.g. from renewables) and input this to the power grid whilst at other times consuming energy from the grid.
With more intelligent, connected technology becoming the norm in everyday life, consumer and political expectations on GEL to enable and support such innovation will be high. The roll-out of smart energy metering in other jurisdictions continues to set the benchmark but in the near-term, we must realise maximum value from our current metering technology which already provides many of the benefits of modern smart metering.
As new energy technology unfolds, we’ll need to drive further change to our business structure and strategy to ensure we fully capitalise on the energy services we provide to our customers as well as our traditional role in supplying energy to the island.
With lower cost means of harnessing and storing renewable energy for use on demand, GEL will need to adapt and continue to provide our customers with a valuable proposition to ensure we become, and remain, first choice for energy.
An increasing presence of energy storage
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E N ER GY AND THE E NVIRONM E N T Gradually as St Peter Port-based businesses created increasing volumes of paper records and with insufficient – or expensive – office space to store it, off-site secure storage became a growing trend, and the company now runs eight purposebuilt storage warehouses over three sites and has an enviable client base of around 350 businesses. Nowadays, data security and identity theft are unfortunately part of everyday parlance. On a more positive note, recycling has become an integral element of all of our
How many football pitches…?
lives, both at home and in the workplace. Most of us like to think we are doing our bit towards environmental conservation. In many ways Archivist was ahead of the curve and introduced its shredding, recycling and scanning services before these activities ever became ‘the norm’.
Back in 1990, introducing a service to the island which at that point was very much a new concept, husband and wife team Trish and Bryan Smitheram launched Archivist with one client and one storage unit.
An incident some 15/20 years ago at Mont Cuet landfill, when unsecured refuse bags tore open releasing banking records and statements to the elements, undoubtedly acted as a catalyst to companies becoming more aware of
the need to deal with sensitive data appropriately. And of course many businesses are keen to gain their green credentials and recycling is an obvious factor in achieving those. Environmental awareness is very much part of the ethos of the Archivist operation and the company is a holder of the Keep Guernsey Green Award. Trish and Bryan grow their own produce at home, keep chickens and recycle everything they can. At work, signs are visible around the office reminding staff to turn off lights, recycle packaging and minimise waste. It has been estimated that the equivalent of 12,240 trees each year are saved through Archivist’s recycling activities, a number based on the UK Forestry’s planting guidelines - that would fill around nine football pitches. And where does it all go? Documents are shredded (to military specification) and then eventually become tissue paper. So the next time you reach for the Kleenex give Archivist a thought.
SECURE ARCHIVING | STORAGE SOLUTIONS | CONFIDENTIAL SHREDDING
Supporting local business for 25 years www.archiviststorage.com www.facebook.com/archiviststorage Tel: 01481251484
E N ER GY A N D THE E NVIRONM E N T
Sustainability and GDPR How can sustainability help companies comply with GDPR? Stuart Moseley of Galaxy Computers tells us more Galaxy Computers has been accredited against the ISO 14001 Environmental Management Standard since 2015. But sustainability isn’t just relevant to carbon footprints and conservation; a robust environmental management policy can help businesses operate with greater efficiency and security. We’re guessing you’ve already heard about GDPR? The 2018 General Data Protection Regulation (GDPR) highlights the responsibilities of data processors, and the rights of individuals, in terms of data capture, use, access, retention and erasure. The new regulation will place greater responsibility on data processors to ensure that data is only recorded with positive consent, recorded and used for a valid reason, and that retention and erasure is carefully monitored and securely managed. Data processors need to review their information and system architectures in terms of privacy by design, and the capacity to respond to subject access requests, data portability and data erasure. This means taking responsibility across the span of system and hardware lifecycles, from system design, to disposal. Penalties for end-of-life data breaches In 2013 Kent Police was fined £100, 000 by the Information Commissioner’s Office for failing to implement guidance and secure disposal procedures for archived data. In November 2012, hundreds of documents and evidence tapes containing sensitive information were recovered in a disused police station, after the building was vacated in 2009. In May 2018, the fines levied against data processors for such breaches will be significantly higher; up to €20 million or 4% of annual global turnover. Risk management in system lifecycles GDPR calls for information governance to be prioritised in company risk registers, and risk
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management. At end-of-life, data erasure and hardware disposal introduce significant risks to information governance. Three of the greatest risks at end-of-life are: 1. Data breach This might be a failure to erase data completely, failure to dispose of IT equipment securely, loss of hardware or theft. 2. Non-compliance with industry regulations Including GDPR, and the Waste Electrical and Electronic Equipment Directive (WEEE). 3. Environmental violation This might be a failure to dispose of IT equipment responsibly, allowing hazardous materials to enter the environment. GDPR might be another trigger that led to a number of existing technologies being replaced with newer variants that better tick the ‘privacy by design’ or ‘portability’ box. Global supply chains providing low cost technologies and data storage has lead to rapid turnover, data retention and quickening hardware lifecycles. It may be more cost and effective to replace technologies and redesign storage architectures from scratch, than reconfigure existing systems. But with re-design and disposal, companies need to manage the risks of unmonitored data retention, improper data erasure, data breaches during disposal and demonstrate a responsibility towards protecting the environment. Adequate risk management and information governance procedures need to be in place to ensure data protection is well managed through the entire system lifecycle. Three sustainability tasks to put on your GDPR ‘to do’ list:
1. Review the design of physical and data storage systems Sustainable and efficient design across the lifecycle can help companies comply with data protection regulations. If storage architectures are poorly designed and inefficiently managed, then not only is space and energy wasted - there is a greater risk of data being duplicated, being difficult to find, being retained without purpose, becoming out of date, not being promptly erased, and not being securely disposed of. 2. Check policies for handling hardware disposals If End-of-Life equipment is handled by an accredited hardware recycling agent, data carriers will be securely destroyed before the hardware is recycled – and evidence notes provided. A commitment to recycling can help businesses maintain an audit trail throughout the hardware lifecycle, and demonstrate compliance with data protection regulations. 3. Check your suppliers If services are trusted to suppliers or third party contractors, make sure that they demonstrate an active commitment to secure data erasure and responsible hardware disposal (recycling) at end-of-life. This might be evident in a sustainability or environmental policy; or accreditation against a standard such as ISO 14010 Environmental Management. Contact Galaxy Galaxy Computers has a zero-to-landfill policy; which helps ensure data security as well as protecting our environment. After secure on-site data destruction of all data carriers are shredded, and the resulting fragments are recycled. Galaxy provides ISO accredited destruction services, and recycles redundant hardware. The company also offers a purchasing and lease scheme, and sells refurbished hardware and component parts in line with its reduce, reuse, recycle policy.
Secure Data Destruction and Hardware Recycling Services in Guernsey & Jersey.
With over 23 years experience, our specialist team operate to the highest International Compliance Standards using state-of-the-art shredding and degaussing techniques. We also provide advice and support to businesses about the risks associated with data loss and cost effective ways to avoid them.
For further information please contact: Registered Guernsey Address
Registered Jersey Address
Galaxy Computer Brokers Ltd Bulwer House, Bulwer Avenue St Sampson’s, Guernsey GY2 4LQ
Galaxy Computer Brokers Ltd Reclamation House, La Rue Grellier Rue des Pres Trading Estate, St. Saviour, Jersey JE2 7QS
Phone: 01481 242412 Email: Guernsey@galaxyci.com
Phone: 01534 509007 Email: Jersey@galaxyci.com
www.galaxyci.com Galaxy Computer Brokers Ltd is part of the Guernsey Recycling Group
ON SITE SECURE DATA DESTRUCTION | CORPORATE IT EQUIPMENT RECYCLING | SUPPLY AND PURCHASE OF SERVERS, STORAGE AND NETWORKS | IT EQUIPMENT RENTAL
Local suppliers & installers of: - Super-Lightweight tiled roof system - Profile 22 UPVC windows & doors - Solidor composite doors - Residence 9 windows & doors - Smart Aluminium bi-folding doors & windows - Roof lanterns & Skylights - Conservatories & sunlounges
Contact us : Tel: 01481 256586 Email: guernseytradewindows@gmail.com Like us on Facebook
E N E RGY AN D T H E E N V IRON M ENT
Looking to improve energy efficiency? We found out about some of the latest home improvement energysaving options available from Guernsey Trade Windows’ Ben Sparrow.
Everyone is looking for energy-saving efficiency at the moment. How can fitting secure windows/doors make a difference? Installing new windows and doors is one of the most important steps you take when improving your property. By installing the latest thermally efficient windows and doors you will not only increase the value of your property but you will make it more thermally efficient which will save you money whilst reducing your carbon footprint. Windows and doors have an increasing range of options with regards to style and colour. Double-glazed windows and doors are rated for their effectiveness using a scale of A-G with A being the highest rating. A-rated windows and doors deliver the best results by containing and conserving heat, resisting condensation, preventing entry of cold and drafts and allowing heat from the sun to penetrate. It’s always advisable to go for the best quality, high performance windows you can afford, as it could be a mistake and false economy to opt for cheaper products using possibly inferior materials. What guarantees are there? New windows and doors come with a minimum 10-year guarantee. However all homeowners should maintain their windows
and doors by cleaning them on a monthly basis with warm soapy water, removing any debris around the drainage holes, hinges and locking mechanisms,lubricating all moving parts with a silicone spray. Living in a severe marine environment such as Guernsey it's important that a regular maintenance schedule is adhered to as it will prolong the life expectancy of your windows and doors which will save you money and reduce your carbon footprint. Can you recommend any other energy-saving efficiencies? If you have a conservatory I would strongly recommend a Supalite conservatory roof replacement, lots of conservatories have old glazed or polycarbonate roofs which mean you're losing a lot of energy through your conservatory when you heat it. Supalite tiled roofs are highly insulated and thermo boarded internally. This means when you heat your conservatory the heat loss is minimal. As Guernsey's only locally recommended Supalite roof provider we have converted many conservatories. The feedback we receive from our customers is extremely positive, not only will you save money on your energy bills but you will gain a room that’s useable all year round as well as adding
value to your property. They are quick to install and 90% of the time the existing wall frames (windows and doors) can be reused. How long have you been doing what you do? I have been in the fenestration industry for 17 years, I started as a trainee glazier and locksmith before learning other aspects of the industry such as installing windows, door and conservatories, and commercial and high level difficult access glazing. I worked all over the UK for various different companies before I moved to Guernsey where I worked for a couple of local companies before setting up Guernsey Trade Windows Ltd. What other products/recommendations can you make to any business or household looking for energy savings? Exterior insulated render, installing thermal plasterboard for internal walls, secondary glazing for older listed properties, this can also be used to reduce noise pollution or producing your own electricity by installing solar panels. There are many ways to save energy and some ways are more effective than others but it all depends on the property and the client requirements.
Installing new windows and doors is one of the most important steps you take when improving your property. By installing the latest thermally efficient windows and doors you will not only increase the value of your property but you will make it more thermally efficient which will save you money whilst reducing your carbon footprint
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E NER GY AND THE E NVIRONM E N T
Going solar Contact spoke to Dave Mauger, owner of D.P. Mauger, about the benefits of solar energy.
Dave Mauger began his career as an electrician as an apprentice in 1966 working for D.R Le Lacheur Ltd then completing his apprenticeship with States of Guernsey Electricity Board. Having set up D.P. Mauger as a young entrepreneur in 1970, he has provided electrical services locally for 47 years – something of which he is particularly proud. The company is a NICEIC approved contractor as well as a member of the Building Trades Employers Association and the Trident Works Experience Programme. The company offers services to a wide range of clients from small-scale domestic work to large industrial installations. The solar photovoltaic micro generation systems installation and maintenance is a newest addition to the company’s portfolio of services. The team has just completed the design and is in the process of installing a new solar photovoltaic 5kw micro generation system using the new LG 320 watt PV mono crystalline silicon technology panels, which are the cutting edge of the PV panels currently available. Basically, PV panels allow you to generate your own electricity using energy from the sun. They don't need direct sunlight only daylight, so they can also work on cloudy days too which given the British climate is extremely important. By generating your own electricity you can save on your energy bills and, in addition to this, any electricity you don't use, you can sell off to Guernsey Electricity and will earn you cash. This is an exciting new venture for D.P. Mauger and an area Dave is confident will grow in the future given certain benefits and changes in the market place:
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•
It is likely that electricity bills will rise dramatically over the next decade (according to the UK Department of Trade and Industry).
•
Global Warming - all of the electricity produced from a PV system has zero CO2 emissions, which is becoming increasingly important for the health of our environment.
• Solar PV systems help reduce CO2 produced by generating electrical energy direct from the sun. • Once installed, all of the electricity generated from a PV system is free. • PV systems can be retro-fitted onto an existing roof or integrated into a new build. We can also provide systems suitable for ground level or flat roof applications using aluminium mounting A-frames. •
Solar PV systems react to the complete spectrum of radiation emanating from the sun, i.e. ultraviolet, visible light and infrared, thus even works on a cloudy day.
•
Electrical energy generated by solar PV systems can be used directly by consumer to lower their electrical bills and sold to Guernsey Electricity and exported into Guernsey’s electrical supply.
• Battery systems can accumulate excess energy created by your PV system and store it to be used at night or when there is no other energy input. Batteries can discharge rapidly and yield more current that the charging source can produce by itself, so pumps or motors can be run intermittently. Dave loves what he does and no job is too
big or too small. Each day is different, and he is keen to move his business forward in the future developing both traditional and innovative products. He and his team are committed to delivering high quality service at all times Services include: • 24/7 emergency call out service. • Domestic electrical maintenance • Domestic electrical (periodic) safety inspections, tests and certification. • Domestic installations and rewires • Commercial and industrial electrical maintenance • Commercial and industrial electrical (periodic) safety inspections, tests and certification. • Commercial and industrial electrical installations • Appliance testing and certification. • Fire alarm design, installations, and maintenance • Fire extinguisher design, installations, and maintenance • Emergency lighting design, installations and maintenance. • Intruder alarms design, installations and maintenance. • CCTV design, installations and maintenance. • Cat5e and 6 IT cable design, installations and maintenance. • Solar photovoltaic micro generation systems - design installation and maintenance.
KEEPING IT IN THE FAMILY As Le Mont Saint Garage celebrates its 30th anniversary, this forward-looking Guernsey business is making sure it moves with the times. The industry leader is marking the milestone with a change of management and exciting plans for the future.
It’s 30 years since Dave Beausire founded Le Mont Saint Garage. At just 28 years old, with a wife and young family, it was a leap of faith to mortgage his house to the hilt and set up his own business.
the only career option. Starting at just 15 with a job cleaning hire cars he moved into parts and then sales, with his success in the latter reinforcing his desire to own his own freehold garage.
But Dave says he had no choice but to succeed:
That dream became a reality in 1987, and it was the Subaru franchise he brought to Guernsey with his partner at the time (who Dave bought out 10 years later). The Le Mont Saint Garage of 1987 would be unrecognisable to its 2017 customers. In 30 years, Dave and his team have turned an old tyre workshop with two 60W bulbs into a leading independent franchised motor dealer.
‘The only question my wife Jackie asked at the time was, ‘what happens if it fails?’ I told her we would live in a tent, and as I hate camping that was never an option. She was my greatest supporter back then and she has been ever since.’ Opening the garage was the culmination of a life-long dream for Dave. With the motor trade in his blood, he says for him it was
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During that time, the business has certainly faced its challenges. Just three months after
it was founded the global stock market crash hit and interest rates rocketed. Despite those hurdles it continued to grow, and Dave was on the lookout for new opportunities. ‘As the new millennium dawned it became clear to me that demand was growing for small cars. I was searching for another franchise and was keen to sign Fiat. When I did so in 2003 I had no idea they were planning to bring back the iconic Fiat 500, but I couldn’t have made a better decision for the business.’ Anyone driving on Guernsey’s roads today can’t miss the phenomenal success story that is the new Fiat 500. Since its launch in late 2007 the small car has been a huge hit.
Michael and I have watched our father grow the business from a shell of a garage into the thriving dealership we have today. We have plenty of ideas we would like to develop within our areas of expertise, and with our brands currently in a great place I think we’re all facing an exciting future It’s been an incredible journey for Dave and his family, taking them to a position where Le Mont Saint Garage commands an impressive 10% of the new car market in the island. They are also consistently in the top 10 dealers against target in the Fiat Group. It’s a statistic many larger players can only dream of, but Dave says their success is simply down to customer service:
Dave has been the face of Le Mont Saint for the past three decades, but in recent years his sons have become just as familiar to customers. Trained technician Michael Beausire has been with the company since 2005, while Peter Beausire joined the sales team in 2010. Now Dave has decided it is time to hand over the day-to-day running of the garage to them.
‘It’s absolutely key. A business lives and dies on its reputation, especially in a small community.’
Dave says: ‘I’m certainly not leaving the building, but I am stepping up to the chairman role. The business has been like my third child for the past 30 years, and now it’s appropriate for my two sons to take over.
Good customer service relies on having a good team, and Le Mont Saint certainly has that. More than half the staff have been there for over 15 years. Dave says: ‘The team has got us to where we are today. Without their commitment, professionalism and loyalty we could never have achieved what we have and I cannot thank them enough.’
As joint managing directors, Michael and Peter have all the experience they need to continue to make a success of the garage. They have their own dreams and it’s time to let them nurture the business and drive it forward into future decades.’
(01481) 264811 | www.lemontsaint.co.uk Le Mont Saint Garage, Le Mont Saint, St Saviours, Guernsey, GY7 9XR
As joint managing directors, Peter will continue to head up the sales department and Michael aftersales. Peter says their new positions are an honour: ‘Michael and I have watched our father grow the business from a shell of a garage into the thriving dealership we have today. We have plenty of ideas we would like to develop within our areas of expertise, and with our brands currently in a great place I think we’re all facing an exciting future.’ Michael agrees: ‘It is a great privilege to be promoted with my brother and be given the opportunity to carry on growing the business my father started 30 years ago. 'We want to continually move with the times in all aspects of the business, but our commitment to providing the best customer service will never change.’
: @lemontsaintgsy : Lemontsaintgaragelimited
XR M A R C HI TE C TS
a chat with.. Simon Jackson, founder and senior analyst, XRM Architects What was your first job? When I was a youthful teenager, my parents separated which led to swift independence. Whilst learning coding in college, I secured what I considered to be my first real job working in a nightclub called The Penthouse as a glass collector. The busy atmosphere, vibrant characters, and music were a teenager’s heaven, and I got a real buzz from it. What did you want to be when you grew up and why? As a young child, I would often tell my mum I intended to marry someone rich, so then I would never need worry about money. But growing up around two profiting business people changed that. My parents were both business minded, and watching them construct successful businesses for themselves made me consider a slightly larger frontier than just marriage. My mum started a business selling lead crystal, just like Tupperware used to do and how Ann Summers do in peoples’ homes today. After a few years, the business expanded and developed an extensive network across South East England.
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My father was a property renovator in his spare time, starting in the late 70s. He would buy rundown shells of buildings that nobody else would touch as they couldn’t see past the damp and grime, and brick by brick, turn them into beautiful new homes which he would sell. Observing their successes inspired me to pursue something bigger.
creativity and sharp minds are always a source of amusement. I am just treasuring every moment with them and creating memories that will make me smile for years to come. What are the three most important things you need to do your job?
Get mucky, make a den, have an adventure and don’t waste your time indoors.
A concise knowledge of my niche, a focus on customer and project success with self-discipline and the motivation to construct a successful business model, with lots of determination.
What’s been the best year of your life and why?
What do you want to achieve in the next 10 years?
There is a common saying that life is like a fine wine and that it gets better with age. While I had a great childhood and there are many points from then which compete for the most daring, the most fun, the past year has been enriching. My two children, Daniel (aged seven) and Aimee (aged four) are at that magical stage where everything in their world includes us. We are their go-to for inspiration, the humble builders of their pillow fort; they want to be around us and involve us in their world. Their boundless
We all wish to be a great business-people, and at the same time, a fantastic family member, without realising how easy it can be for the two things to conflict. Being able to commit fully to the business is to potentially lose valuable time spent with the family. I have had to focus on finding the best possible work/life balance so that I can create wonderful memories with my family, whilst continuing to build my business towards future successes. In the next 10 years, I can see my business
If you could give one piece of advice to 10-year-old you, what would it be?
X RM ARCH IT E C T S
flourishing, and my children excelling in their lives. If they’re doing better than me by then, I’ll probably get them to work for me as my mum got me to work for her!
else, any other opinion on this I would prefer to keep to myself.
What do you think Jersey’s business community will be like in 20 years’ time?
In my opinion, they should. From an outsider’s perspective, I would argue that the islands are not that different, and with the alignment of some laws, it could offer savings over enforcement and administration. By pooling resources for shared services, our governments could potentially be saving a lot of money. And should the governments commit to such a proposal, this would 0 00certainly provide opportunity for further business development across the Channel Islands.
The world is progressing with staggering speed, digital intelligence is everywhere and artificial intelligence is changing our world, so it would be unwise to say that Jersey would not follow this trend in business. The millennials we see around us are the next managers of businesses they’ve not yet conceived. Yes, there is a circulating stereotype in society that millennials won’t work hard because they are constantly surrounded by technology and too distracted. But I think there is a great deal to be positive about. The next generation knows a great deal more about how to harness the power of the internet, and with it they can reimagine the business world. Many businesses now depend significantly on technology, and I think we need to be careful to retain the personability of the business, whilst engaging with the requirements of a digitalised society. For example, chat bots are evolving into easy-to-use intelligent assistants which will cut costs, but there is always a need for an empathetic, knowledgeable human being on the end of that line, not a chat bot, or a website. Being able to find the right balance between gaining ground with technology, and maintaining enough of the human element of the business will be the main challenge faced in the next 20 years. What do you think is the island’s biggest barrier to further growth? Apart from requiring a ferry or plane to engage on a physical level with anywhere
Should the Channel Islands’ governments work closer together and if so, how?
The nature of my work has allowed me to be fully immersed and observant of how technology is shaping our world. I feel there has never been a better time to be alive in human history than now How do you achieve a work / life balance? I love my work. The nature of my work has allowed me to be fully immersed and observant of how technology is shaping our world. I feel there has never been a better time to be alive in human history than now, when the digital age is changing how much
XRM FOCUS INNOVATION EXPERTISE
we can learn and perceive of our planet, our existence, even our universe. I must confess I am an all out geek, and all this change excites me to the point where I cannot stop thinking about it. But then I do commit to my family as best as I can. My children are young and I want them to remember a happy childhood that was fulfilling; where they saw their parents and had adventures with them. So, I always make sure I am ready to launch myself into family time by 5.30pm and make every moment count before they go to bed. On the weekend, I always spend a whole day with my family. What are the most important skills needed for progression up the career ladder? Good tea making skills! Joking aside, you need to be a person with focus and commitment to excelling in your job. You must be able to step outside your comfort zone and embrace every opportunity to take on responsibility, as this will inevitably fuel career progression. Lastly, and most importantly, you must make sure that your work is what you really want. If you’re not entirely sure of yourself, subconsciously, you will not work as hard or be happy. Who has inspired you the most and for what reason? I’ve drawn inspiration from so many people for many different reasons in life and so it’s impossible to pick out one particular person. Why do you choose to live and work in the Channel Islands? For me, Jersey is an island of opportunity where work is plentiful and its natural beauty is never far away. The lifestyle and pace of life is great, so I’m truly grateful to call Jersey my home.
XRM Architects XRM Architects is a Jersey-based software development consultancy providing bespoke solutions to clients in the Channel Islands and across the globe. Contact us now for a FREE No Obligation Consultation
E: hello@xrmarchitects.com
T: +44 1534 505010
W: www.xrmarchitects.com
www.focushrs.com
Your human resources solution... In our tenth year of business we continue to go from strength to strength. As the leading providers of Human Resources services in the Channel Islands we are in a unique position to work alongside your business or HR team as a support function or as an entire outsourced HR department. Amalgamating our breadth of services with our professionally qualified team means we can give businesses of all sizes the support and advice they need.
To find out how our experienced team can help your business - and your staff - get in touch today.
T: 01481 728824 E: info@focushrs.com
ACCOU N T ING
The biggest challenge in over a decade Associate director at ZEDRA Jersey, Tertia Smit, considers the users of financial statements in a world of ever-changing accounting standards.
Since the publication of FRS 102 (The Financial Reporting Standard applicable to the UK and Republic of Ireland) in March 2013, we have seen a raft of changes affecting the accounting world. Not only do the changes affect the financial statements prepared in the UK and Republic of Ireland but they also continue to affect offshore incorporated companies, who are required or select to prepare their financial statements in accordance with UK GAAP (Generally Accepted Accounting Practice). The changes to UK accounting standards have been described by many as the biggest change in over a decade. They have certainly kept accountants and professional service providers on their toes requiring them to search for answers on complex technical changes, train teams and update financial statement templates to ensure compliance. Although it is very important to have a full understanding of all relevant technical requirements, it is equally important to bear in mind: a. the objective of financial statements i.e. to provide information about an entity that is useful for economic decision-making by a broad range of users; b. the qualities that make the information useful which include completeness, comparability, relevance, timeliness etc.; and c. in particular, the needs of the users of the financial statement especially when we decide on how, what and when to adopt changes. Let’s consider the options, for both a ‘micro’ and ‘small’ company going forward. Firstly, we need to determine if the company
falls within the ‘micro’ or ‘small’ entities regime and hence we need to consider the detailed eligibility criteria as per sections 382 to 384B of the UK Companies Act 2006 and relevant size thresholds. A company qualifies as either ‘micro or ‘small’ if it does not exceed two or more of the following thresholds: MICRO ENTITY
SMALL ENTITY
Turnover £ 632,000.00
£10,200,000.00
Balance Sheet Total £ 316,000.00
£5,100,000.00
No. of Employees 10 50 Secondly, we need to consider the most suitable accounting standards available and decide on timing of adoption. A ‘micro' company will most likely choose to either adopt FRS 105, FRS 102 section 1A or full FRS 102. A 'small’ company is not allowed to adopt FRS 105 but may choose between FRS 102 section 1A and full FRS 102. FRS 102 is based on international financial reporting standards for small and medium-sized entities (IFRS for SMEs) but has been modified both in terms of scope and accounting treatments provided. FRS 102 encourages fair value accounting, offers accounting policy choices and demands detailed mandatory disclosures. FRS 102 section 1A demands the same recognition and measurement requirements but users will benefit from reduced mandatory disclosures when compared to full FRS 102. FRS 105 is the financial reporting standard applicable to the micro-entities regime. It is
based on FRS 102 but its requirements are adapted to reflect the simpler nature and smaller size of micro-entities. Financial statements prepared under FRS 105 are only required to consist of a simplified balance sheet, income statement and two notes. In addition to this FRS 105 does not have accounting policy choices and does not allow fair value accounting. It is clear to see that there is an increase in complexity between FRS 105 and FRS 102, which correlates with the increased size and complexity of the relevant entities permitted to implement them. An entity may choose to opt up to a more comprehensive regime but not the other way around. Companies might be inclined to implement FRS 105 due to its simplicity and reduced requirements however it is important to carefully consider the company’s long term activity and who the ultimate users of the financial statements are. A new company might start out fairly dormant in year one with a low turnover and balance sheet total i.e. falling within the threshold limits of FRS 105, however this might not be the case in year two. Similarly, a shareholder of a private company might be satisfied with a simplified financial statement prepared under FRS 105 however these accounts might not satisfy the requirements of a bank that provided the company with funding. With the triennial review of FRS 102 coming to an end, we will clearly continue to see changes in the accounting world. Although the changes will require accountants and other professional service providers to remain up to date with the various technical requirements, it will also continue to be important to bear in mind the needs of the users of the financial statements when considering how, what and when to adopt further changes.
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Actions speak louder than words Or to put it another way, it’s what you do that makes the difference As the volume of noise around the GDPR increases, we give our clients clear advice and the kind of practical help that makes an impact. Today, tomorrow and in the future. Harriet Gowan Manager, Advisory +44 1481 703215 hgowan@deloitte.co.uk
Alex Adam Director, Advisory +44 1481 703214 acadam@deloitte.co.uk
Andy Isham Partner, Advisory +44 1534 824200 aisham@deloitte.co.uk
ACCOU N T ING
Countdown to the GDPR deadline Harriet Gowan of Deloitte's Channel Islands advisory team.
On 25 May next year, the General Data Protection Regulation (GDPR) will be enforceable across the EU. The regulation represents the most significant change to European privacy laws in over 20 years and will have an impact on many industries within the Channel Islands. Not just for those dealing with EU individuals’ data but also for local individuals as Guernsey and Jersey will adopt equivalent legislation to safeguard market access and protect local people. The chances are that the GDPR will impact your organisation in some way. Why? Data protection legislation needs to reflect the extent of technological change and the massive volumes of data collected over the last 20 years. The previous legislation was drafted before the advent of social media, the smart phone and Google. In the era of the Snowden leaks and ever increasing high-profile cyber attacks, people are becoming increasingly concerned about the use and protection of their personal data. Fundamentally, the GDPR aims to strengthen consumers’ rights, creating greater transparency for consumers and placing an obligation on organisations to demonstrate compliance. Changes When asked to summarise the main changes that the GDPR brings into effect, most people mention first the hefty fine that serious data breaches will attract. While a €20 million fine (or 4% of the previous year’s global annual turnover) for the most serious breaches is undoubtedly eye-catching, the legislation will bring about many other aspects which Guernsey organisations need to be aware of. Some of the changes that the GDPR will bring about include:
Consent to the processing of personal data will need to be explicitly provided by the individual (or ‘data subject’ in the parlance of the GDPR), and the consent request must be clear and specific about how the data will be processed. Organisations will have to prove that ‘genuine consent’ has been given and it should be as easy for the consumer to withdraw consent as it was to provide it. It is worth noting that there will be no grandfathering provisions under the GDPR, so if the consent previously provided does not meet the new provisions, companies will be obliged to ‘refresh’ consent. Expanded definition of personal data and sensitive data: personal data now explicitly includes location data and online identifiers such as cookies. A new definition is provided for sensitive or special category data, which includes data about, for example, ethnic origin, political opinions and criminal convictions and offences. Data protection principles: the GDPR requires purpose limitation and data minimisation (only keeping that personal data which is necessary) and furthermore places an obligation on the data controller and processor (the latter having obligations for the first time under data protection legislation) to demonstrate that appropriate data security is in place. Controllers and processors are variously held accountable for the data for which they are responsible. Data subjects’ rights: data subjects have the right to find out what data an organisation holds on them and can request a copy of that data from an organisation free of charge. They will have the right to obtain rectification of inaccurate data, the right to ‘data portability’, which involves transferring their data from one service provider to another, and the ‘right to be forgotten’ or data erasure.
Data protection officers: organisations will be obliged to appoint DPOs if they are a public authority, are active in the regular and systematic monitoring of individuals and/or if they process sensitive/special category data. Data protection by design and default: all new services will be expected to contain safeguards from the earliest stage of development and should contain privacy default settings. Enforcement: The Office of the Data Protection Commissioner will be the supervisory authority in Guernsey and Jersey: data breaches must be reported to this office within 72 hours of their discovery. As well as fines, the ODPC can impose a temporary or indefinite ban on data processing, suspend data flows to a third party and issue reprimands and warnings. The ODPC has recently launched a website (https://thinkgdpr.org/) which contains a wealth of information and resources for organisations seeking to navigate the imminent legislation. What should you be doing now? Consider the personal data that your organisation holds and whether you have appropriate consent to process this. What policies do you need to update or adopt to be GDPR-compliant? Where is your data held, how is it protected and who is responsible for it? Are your contracts with your third parties sufficient to delineate Processor/Controller accountability? How would you go about evidencing your compliance with the requirements of the GDPR; what controls, systems and documentation do you have in place?
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VITAL ATTRACTION How the islands encourage new businesses to their shores
The Channel Islands are attractive places to do business. Yet the benefits of being here cut both ways, which is why Guernsey and Jersey are keen to attract more commercial activity. Richard Digard looks at how they do it – and how they differentiate themselves in a competitive market Sustainable jobs, increased tax revenues, diversification, expanding the ‘ecosystem’ of skills and services available to others… There are a number of reasons why the islands seek to encourage more businesses to come here. Essentially, however, they all hinge on boosting both economy and productivity. The benefits of getting it right are significant, too, which is why each island invests a lot of time and money into
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promoting the commercial offering each jurisdiction has and looking after those attracted here to live and work. But why come in the first place? In Jersey, the overarching focus is on providing the right environment and support to business to enable organisations and individuals to flourish. Similarly, Guernsey is committed to promoting itself as a destination of choice for the relocation of businesses and high net worth individuals with
creative and commercial ideas. And each jurisdiction is equally clear on the benefits of choosing one or other island Jersey • Reputation - including its stability, security, and pro-business government. • Business environment and tax including low personal and corporate tax, professional infrastructure, qualified
In Jersey’s case, the emphasis changed in recent years to put a much greater focus on attracting HNWIs who are still economically active and who are able to demonstrate additional economic value to the island, in terms of bringing business to Jersey and creating jobs for islanders and internationally-experienced workforce, digital network, and good quality office space. •
Lifestyle benefits - including quality of life, work-life balance, suitability for families, high quality education and health services, countryside, leisure facilities, and good quality housing stock.
• Location - including strategic position within Europe and ties with the UK, and good communication connections with the UK and Europe.
This last benefit is based on a new law enabling individuals who are just-arrived residents with non-Guernsey companies that have reserves of undistributed income at the date of arrival to distribute the reserves within two years of arrival, and for that income to be treated as capital for Guernsey tax purposes. This means it is not subject to Guernsey tax and is an attractive option for entrepreneurially-minded individuals exiting one venture before starting another one in Guernsey.
Guernsey • Open [housing] Market has no application process and offers speed of movement unrivalled by any alternative relocation destination, as well as providing flexibility
A matter of policy That the two islands can so clearly set out the advantages of being based there is no coincidence. Each government has express policies targeting new businesses and entrepreneurial and/or high net-worth individuals (HNWIs).
• The Population Management (Guernsey) Law, 2016, is a modern piece of legislation providing routes into Guernsey’s Local [and cheaper housing] Market for businesses demonstrating a strong commercial case
In Jersey’s case, the emphasis changed in recent years to put a much greater focus on attracting HNWIs who are still economically active and who are able to demonstrate additional economic value to the island, in terms of bringing business to Jersey and creating jobs for islanders.
• Tax caps of £110,000 or £220,000 per annum for high net worth individuals, depending on circumstances.
It is also focused on innovation to drive growth in the economy and therefore ultimately benefit the whole community.
• Tax environment includes no capital gains, inheritance or sales taxes; flat 20% income tax and standard 0% corporation tax
Senator Lyndon Farnham, minister for Economic Development, Tourism, Sport and Culture, sees the success of that being dependent on all sectors of the economy working together, across the public, private and third sectors.
•
Investor and entrepreneur immigration schemes enable non-EU passport holders to access island for a one-off investment of £750,000 or £200,000 respectively
• Tax efficient treatment of profits from earlier businesses
In Guernsey’s case, policies include investigating and supporting appropriate new opportunities to diversify the local economy through innovation, with a
particular emphasis on the digital, creative and IP sectors. Key to that approach is encouraging HNWIs and new high added value and sustainable businesses to become established on the island. That’s at the same time as supporting the development of skills, talent and entrepreneurialism through spotting skills gaps and future opportunities for diversification and growth. The islands are also very aware of the need for the initiatives they have adopted. Deputy Peter Ferbrache, president of Guernsey’s Committee for Economic Development, says diversification is ‘vital’ for Guernsey's future. Although embraced by all in the States, his committee is mandated to deliver. ‘It's very high up on our list of priorities,’ he told Contact, ‘and agencies such as Locate Guernsey, Digital Guernsey and, indeed, Guernsey Finance, all have key roles to play.’ Objectives were being achieved in a number of ways: a strong island proposition for businesses in terms of fiscal regime and increasingly global business base; genuine working together with Guernsey's private sector ‘and a government that is more joined up than I've ever known it,’ he said. ‘We'll be successful by identifying the sectors that will give us the best return, promoting to them effectively and ensuring that Guernsey works well for them, before, during and after their relocation.’ These respective approaches have been successful too. As Senator Farnham says, ‘figures over recent years have continued to show a strong interest in Jersey as a destination for inward investment’.
In Guernsey’s case, policies include investigating and supporting appropriate new opportunities to diversify the local economy through innovation, with a particular emphasis on the digital, creative and IP sectors
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VITAL ATTRACTION The way Jersey had positioned itself as a secure and stable jurisdiction that was very much open for business had reaped real rewards and given high quality businesses across a broad range of sectors confidence in Jersey as a hub for supporting their growth strategies. ‘This sustained growth is testament to the joined-up efforts of all agencies and departments which is helping to diversify and grow our economy, increase tax yield and create career opportunities for local people,’ he said. Demonstrating success Year-end figures for 2016 show that more than 250 enquiries were received by Locate Jersey during the year, with 17 high value residency and 25 inward investment business permissions being granted, which was consistent with previous years. Locate Jersey believes this year will be equally successful too. Since 2008, more than 1,600 people have been employed by inward investment businesses in the island. A sampling exercise of those helped to establish by Locate Jersey, and which employed staff in the island between 2012 and 2015, indicated an average minimum estimate of £6 million was generated annually for the Treasury through those employees’ income tax instalment system payments. Last year also saw 14 relocations, which will result in a minimum additional income tax yield of £1.75 million this year, it said. In addition, the total value of property bought in 2016 by new high value residents in Jersey exceeded £100 million for the first time, generating property stamp duty for government of more than £5 million. Guernsey formalised its approach to attracting new businesses and individuals much later and Locate Guernsey started only in January 2016. Despite that, however, 140 enquiries were received that first year, leading to 21 relocations: six individuals and 15 businesses generating what are described as significant benefits to the Guernsey economy. Early figures for 2017 suggest another strong year, says the agency. Businesses relocation came from a number of sectors, including digital and creative, aviation and fund management, and some 400 stakeholder meetings and events were undertaken in 2016.
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Andrew Carey, interim head of Locate Guernsey, said the island had for a long time been an attractive destination for the relocation of businesses and HNWIs. ‘Now, more than ever, its simple routes to market, flexibility and security make it an ideal location for entrepreneurs, start-ups and businesses,’ he said. However, the real strength of the offering lay in the commitment of Guernsey, as a whole, to inward investment. The approach Both islands invest a lot of time into helping those interested in coming here and do so through specialist agencies. These include Locate Jersey, Jersey Business and Digital Jersey. The other island does so through Locate Guernsey, Start-up Guernsey and Digital Guernsey. Jersey Business provides free, independent, confidential advice and support to businesses. It says its staff have many years’ experience of running private sectors businesses and use this to help companies of all types and sizes to achieve their goals through direct one-to-one meetings, practical workshops and public events.
working with increased by 52% in 2016 and included businesses which were starting-up, already established and new to the island.’ The focus was on supporting Jersey’s business community to grow and become more efficient. Working with its partners, Jersey Business was able to develop a meaningful and long-term relationship with clients to support them throughout their commercial journey. Since being set up, it has helped firms relocate to Jersey in sectors ranging from fund management, natural resources, renewables, fintech, and digital marketing, to architecture, human resources, foreign exchange and bioscience. Locate Guernsey is the team created by the States there to promote the island as the destination of choice for the relocation of businesses and HNWIs. In addition, Locate Guernsey also acts as facilitator for relocation enquiries ensuring their journey to the island is as simple as possible. ‘Often we find that one cannot separate the two markets as high net worth individuals often have new business ideas on the horizon. We, therefore, offer a suite of attractive routes to market which cater for these diverse needs,’ says Andrew Carey.
CEO Graeme Smith says it helps business owners and leaders with strategic and financial planning so they make better decisions to accelerate success and are ready to pitch for and use the most appropriate funding to create sustainable growth.
Both islands also look to help existing businesses, although Locate Jersey’s role is more formalised in regard to Jersey firms looking to expand into international markets and opportunities for private investment.
His team can also work to help identify ways to improve overall operational performance to improve profitability and Jersey Business works with industry sectors to encourage the adoption of best practice in order that more businesses can have long term on- and off-island success.
Support for start-ups Guernsey established its active support for start-ups as long ago as 1982, when the Guernsey Enterprise Agency, LBG, was created. That now operates as Startup Guernsey and has grown significantly since its early days.
Jersey Business has a team of 10 experienced business professionals and was working actively last year on a one-to-one basis with 143 start-up businesses, gave general advice to 448 start-ups and was supporting 278 established businesses with one-to-one advice at the end of December 2016. It also has a website established as a free source of advice on every aspect of managing a business trading in Jersey.
It now offers a comprehensive service from a dedicated team. General manager and business adviser Tony Brassell says it organises a Global Entrepreneurship Week in the island, puts on regular events where entrepreneurs can learn new skills, and is involved with areas such as Finvention and Digital Internships to encourage the growth of new and diverse businesses in the island. Essentially, however, it acts as a first point of call for anyone thinking of starting a business and who needs advice or guidance, which is free, confidential and unlimited.
‘Jersey Business’s role is to provide practical and hands-on business advice to growth companies across all sectors,’ says Graeme. ‘The number of clients we are actively
Experienced business mentors can also be arranged and Startup Guernsey sees around
200 would-be entrepreneurs each year and says that many of them go on to run successful operations. Jersey Business has a similar role and works with businesses based in the island at all stages of their commercial journey, from start-up to growth and exit. Business advice and support is provided through direct one-to-one meetings, practical workshops and public events. Looking for innovation The importance of technology and the digital industries is also a significant driver for both islands, which set up specific agencies to help promote these sectors. Digital Jersey was established in 2012 as the principal driver of States’ efforts to establish the island as an internationally recognised centre for these industries and to support inward investment and new business. As well as providing a full support package for new businesses, it also works as the interface between industry and government in shaping the regulatory and legislative needs of the sector and helps connect firms with investors and those applying for funding support CEO Tony Moretta says Digital Jersey recognise the island’s potential to be a test bed for new technologies due to benefits such as the island’s four 3G networks and five state of the art data centres. ‘This strong infrastructure is supported by the expanding size of Jersey’s digital sector – it has grown from 2,072 professionals in 2010 to 2,650 in 2016. This shows a willingness locally to join Jersey’s digital sector,’ he says. Last year Digital Jersey challenged itself to listen to industry’s concerns and overcome barriers – such as getting work licences or visas to bring in off-island expertise when it could not be found locally. ‘We’re starting to see results,’ he says. Digital Jersey has worked with the Population Office since mid-2016 to endorse 39 new high-paying jobs with an estimated total tax liability of £365,000 a year. Digital Jersey estimates that as these highly skilled workers build new teams and train local workers, they will create a further 58 potential new local positions, supporting the States’ Digital Policy Framework, which sets a target of creating 1,000 additional jobs in the sector by 2025.
Says Tony Moretta: ‘Digital Jersey pulls together players from government, health, finance, telecoms, infrastructure and other areas to work together towards a truly digital Jersey. This is helping drive an island-wide culture change towards a “digital first” agenda, enabling Jersey to fulfil its potential as one of the most collaborative places in the world attractive to inward investors and start-up companies.’ Digital Greenhouse was created by the States of Guernsey to help diversify its economy through the growth of the digital and creative sectors. The £1.46 million initiative has created a popular co-working and event space – with a membership fee from just £10 a month – that acts as the digital hub for the island and has helped to create an accessible environment for start-ups and small businesses. The facility also hosts a programme of free events that cover business topics including General Data Protection Regulation updates, cyber security advice, and guidance on marketing with social media. To date, says manager Keith Wilén, it has more than 80 members from a range of different businesses, attracted in excess of 1,000 visitors per month and hosted 100-plus business events. It’s also home to 12 industry and community groups. It’s also responsible for putting on events to connect government with business, such as hackathons, workshops and seminars, and, because of the coordinated approach to promoting business growth, is home to the Startup Guernsey team, which provides new business support. The Digital Greenhouse is also firmly aimed at encouraging younger islanders to experience the digital industry through its Discover Digital initiative and a new summer internship programme. This is aimed at post-16 up to students at university. For five weeks students work for six of the island’s leading companies learning about how technology has increasing importance within business. Keith Wilén said they also supported a school innovation competition for students to pitch ideas alongside businesses at Finvention, a one-day innovation showcase, created guides to identify digital career pathways, exposed students to contemporary working methods and environments and invited young teams teams to join hackathon events alongside businesses.
For further information Guernsey Locate Guernsey www.locateguernsey.com Andrew Carey - Head of Locate Guernsey Telephone: +44 (0)7911 719082 Email: andrew@locateguernsey.com Startup Guernsey www.startup.gg Tony Brassell - General Manager Telephone: +44 (0) 1481 710043 Email: info@startup.gg
Digital Greenhouse www.digitalgreenhouse.gg Keith Wilén - Manager Telephone: +44 (0) 1481 701010 Email: info@digitalgreenhouse.gg
Jersey Locate Jersey www.locatejersey.com Kate Le Blond - Inward Investment Development Manager Phone: +44 (0)1534 440666 Mobile: +44 (0)7797 731927 Email: k.leblond2@gov.je
Jersey Business www.jerseybusiness.je Graeme Smith, CEO Telephone: +44 (0)1534 610300 Email: graeme.smith@jerseybusiness.je
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H O S P I TALI TY
All I want for Christmas… Karel Harris, managing director of Sarnia Hotels, gives us an insight into what goes on behind the scenes in the run up to the festive period.
Christmas Day may always be celebrated on the 25th December in the UK (on the 24th in much of Europe and in January for the Orthodox Church) but for the hospitality industry, preparations generally start in the middle of the year. We find however, that some of our corporate customers actually book their function for the next year immediately after a successful event as they want to ensure they have their date of preference. Chefs then start to tweak festive menus to try and make them stand out from the competition and to introduce the current trends in dining. In menu planning for large groups these days as well as ensuring we have vegetarian and vegan options, we must try and ensure there are dishes which can be adapted to cater for the many guests who have allergies or food intolerances. With the drop in sterling we have seen food prices increase. However, Guernsey has a myriad of venues for dining out so the marketplace is very competitive. Certain weekends will be particularly popular, and if your restaurant tends to take several groups rather than one large party, the food and beverage manager needs to be on the ball ensuring that it is possible to host that number. We will always attempt to stagger arrival times but inevitably everyone wants to arrive and then sit down for their meal at the same time. The food and beverage side of our hotel business makes up a large part of our turnover, however even in the winter we are lucky enough to have many hotel residents and we must juggle ensuring that our parties do not disturb our guests. We generally offer special stay over prices for guests attending our functions and allocate rooms away from the entertainment for our longer stay guests.
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Transforming the hotels’ restaurants and bars starts well before the beginning of December. We are very lucky that some of our team embrace the decorating: Emma at Les Rocquettes is Mrs Christmas incarnate and loves the process. Likewise, at De Havelet we have the very talented Kati – our head receptionist for the rest of the year.
This really is a wonderful few days as many of our guests have become part of our family as they have returned year after year, and they in turn welcome new guests and make them feel at home Kati creates the most beautiful and individual set pieces for the main house and the restaurants. In addition, on Christmas Eve, dressed as an elf and with able assistants she holds a gingerbread house workshop, providing the guests who stay for Christmas with a 'Flat pack' house to build and decorate. There are prizes for the best house, a consolation prize for the one that collapses, (house not guest although the mulled wine does flow) and the afternoon is the source of much merriment and hilarity. The Christmas party can take so many forms these days: we have drinks receptions with canapés and seasonal finger food, we can offer festive afternoon teas with a glass or two of fizz or have smaller groups starting
the day off well with a celebratory breakfast. As the Christmas functions ease off, all three of our hotels welcome many guests from off island to celebrate the festivities. We offer four and five-night packages although some of our guests choose to stay with us right through to the New Year. This really is a wonderful few days as many of our guests have become part of our family as they have returned year after year, and they in turn welcome new guests and make them feel at home. During the few days with our residents we will have pre-dinner receptions with bubbly and canapés, inform them of the various church services, encourage them to take a polar dip on Christmas Day, take many of them to Herm for a stroll and a pint in the Mermaid, organise an island tour, take a few pounds off them for charity with our race night – last year raising a good amount for Headway, bond them into quiz teams for an inter-hotel challenge. It is an incredibly busy time for the teams at the hotels, but it is also rewarding seeing our guests enjoying themselves, and making new friends. The majority of our Christmas residents leave around the 28 December, which allows a little breather before the arrival of the guests who stay over the New Year. This is a much more relaxed break at all of our hotels which has become increasingly popular with the gala dinner being the highlight on New Year’s Eve. Then finally January... time for our team to have some holiday and very often for our next refurbishment project to start…
LET SARNIA HOTELS ENSURE YOUR CORPORATE CHRISTMAS FUNCTION IS TRULY UNFORGETTABLE Our three beautiful town house hotels situated in prime locations in St. Peter Port really know how to help your company celebrate the festive season in style. Moores Hotel, Les Rocquettes and Hotel de Havelet have a great deal of experience in providing local businesses with everything they could possibly wish for when it comes to their Christmas functions. We are happy to tailor your function to your exact requirements and are able to offer canapé/buffet receptions for up to 120 people and more formal seated affairs for up to 80 people. We also offer a ‘Festive Afteroon Tea’ or pre-work breakfasts. Get in touch with one of our hotels today and let us help make this Christmas one to remember.
Moores Hotel
Les Rocquettes
Hotel de Havelet
ST. PETER PORT GUERNSEY
ST. PETER PORT GUERNSEY
ST. PETER PORT GUERNSEY
mooresguernsey.com
lesrocquettesguernsey.com
dehaveletguernsey.com
Celebrate the festive season with Seymour Hotels
With a wide range of Christmas packages available in all three of our hotels there really is something for everyone. From intimate Christmas Party lunches to Cabaret Parties with live entertainment. Let us make your festive season special this year.
www.seymourhotels.com
01534 880110 events@pommedorhotel.com
01534 724231 events@mertonhotel.com
01534 481042 events@greenhillshotel.com
www.pommedorhotel.com
www.mertonhotel.com
www.greenhillshotel.com
H OS PITALIT Y
Seymour Hotels – festive celebrations Every conceivable option for seasonal celebrations has been covered by The Seymour Hotel Group - there really is something for everyone Choose between the beautifully refurbished Greenhills Country House Hotel, the centrally located Pomme d'Or Hotel or the more informal Merton Hotel - each has a variety of tempting party ideas and menus to put you in the festive mood. The professional dedicated team at each hotel can create the perfect event to meet your every expectation for up to 350 guests. There are some unique propositions as the venues and menus can suit all tastes and budgets –private events, lunches, dinners, drinks or even breakfasts! Seymour Hotels have Christmas all wrapped up! The Pomme d’Or Hotel The festive season is a special time, and at Christmas and New Year the Pomme d'Or Hotel becomes a magical place - your celebrations will positively sparkle. If you’re looking for delicious and inventive food and drinks, superbly attentive service and a location in the heart of St Helier, then welcome to the Pomme d’Or Hotel, where they know a thing or two about how to celebrate. It’s been a focus of family and social celebrations for many years. They'll pull out all the stops to ensure you and your colleagues have an unforgettable event. Party options include: Christmas party lunches, festive Friday nights, join-a-party night and pre- or post-Christmas party nights. Ask our dedicated events team for more info: events@pommedorhotel.com Exclusive offer for party guests – make a night of it and stay for just £50 per room including full English breakfast. There’s also a full programme over the Christmas and New Year periods for your personal celebrations with friends and family – choose your preferred lunch or
dinner dates – you’re sure to enjoy a delicious meal in relaxing surroundings, or party the night away on New Year’s Eve with a choice of two venues. The Merton Hotel One of the best party venues in Jersey welcomes back guests year after year to enjoy the special atmosphere and renowned hospitality, as well as, of course, unique live entertainment and superb dinners!
special, whilst fine food and wine will leave them wanting to come back for more. You’ll love the warm Greenhills welcome and you can be sure that everyone will leave your party with shared memories they’ll treasure for years to come.
They have various party options including:
Shared parties For groups that want to share their Christmas celebrations with others. Enjoy a choice of delicious dinner menus before dancing the night away with the house DJ and your new festive friends.
Carvery party nights
Private parties
A delicious festive four course carvery menu and a DJ to dance the night away. From £30.
Flexible lunch and dinner menus to surprise and delight can be served for up to 80 guests in their AA Rosette award winning restaurant, all overseen by a highly experienced team who will ensure that your event proceeds exactly as planned.
Cabaret party nights Enjoy a choice of two great live entertainment acts, a superb three-course Christmas menu, followed by a DJ with dancing. From £34. Or why not have your very own private Christmas party? There are various sized rooms for parties including Dante’s - your own private night club! Speak to our team for more info: events@mertonhotel.com Exclusive offer for party guests Make a night of it and stay for just £50 per room including full English breakfast and free use of the Aquadome. Greenhills Country House Hotel Enjoy the festive season in a beautifully refurbished traditional Jersey farmhouse, whilst experiencing some of Jersey’s finest dining. It truly is the perfect Christmas setting.
Exclusive use Make Greenhills Country House Hotel your own. What better way to treat your friends, family, staff or clients than to hire the whole hotel? Have the entertainment of your choice such as a table magician, musician, or DJ. Enjoy lunch and dinner and spend your time relaxing and soaking up the festive atmosphere and after a wonderful night’s sleep you’ll wake to a full English breakfast served in the restaurant or your room. Exclusive offer for party guests Extend your Greenhills experience by staying the night in one of the beautifully appointed rooms full of rustic charm for just £79 per room including full English breakfast.
Friendly, efficient and attentive service will leave every one of your guests feeling
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Food glorious food Andrew Chantrell, general manager of The Old Government House Hotel & Spa, explains how the Red Carnation hotels will be getting involved with the Guernsey Food Festival
Food has always been an important part of our culture in the Channel Islands and this is reflected in the quality of dining on offer at both hotels in the Red Carnation collection here in Guernsey. This food heritage is also the reason why The Old Government House Hotel and our sister property The Duke of Richmond Hotel will be supporting this year’s Guernsey Food Festival, which takes place between 16-24 September. The festival is now a confirmed fixture in the islands' annual calendar and this year includes the islands’ biggest food and drink event of the year, The Big Guernsey Market, which will take place on the Crown Pier on the weekend of 16 and 17 September. These two days will be a must-do for anyone with a passion for great food and drink, with more than 40 stalls along with activities celebrating the best of Guernsey. On Tuesday 19 The Leopard Restaurant at The Duke of Richmond will be the battleground for a dinner with a difference, with some traditional inter-island rivalry on the menu. Chefs from Jersey will take on their counterparts from Guernsey in a celebration of our islands’ wonderful produce with the only brief given to ‘keep it local’. A four-course dinner celebrating both islands’ abundance of local produce will be accompanied by wines selected by Dunells, International Wine Challenge ‘Regional Wine Merchant of the Year’ for the South and South East of England for the second year running The OGH will then play host to a wine dinner on Friday 22 featuring wines from Elephant Hill in New Zealand and Red Carnation’s own winery in South Africa, Bouchard Finlayson. We will be tasting Sauvignon Blanc, Chardonnay and Pinot Noir from these
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two boutique wine estates as we explore the subtle differences between these varietals from different parts of the Southern Hemisphere’s wine world all enjoyed alongside some fabulous dishes prepared by executive chef Jarek Fojcik.
original features and a timeless charm and elegance. The building has been lovingly restored and sympathetically refurbished, incorporating the modern facilities of a luxury hotel, including complimentary WiFi throughout.
Both events offer an excellent opportunity to entertain clients and celebrate the wonderful array of local produce available, looked after by staff who are dedicated to providing a high level of service to every guest that comes through the doors and live by the mantra of ‘no request is too large, no detail too small’.
Just a short walk away the four-star Duke of Richmond, set in a beautiful, quiet location between two parks with views over St Peter Port and Castle Cornet. The Duke of Richmond Hotel stands on the site originally occupied by Grover’s Hotel, generally accepted to be Guernsey’s oldest hotel. The present hotel was named after the Third Duke of Richmond, who, as Master of the Ordnance, had commissioned the famous map of the island of Guernsey in 1769.
Each hotel has done its fair share of entertaining over the years hosting kings, queens, prime ministers and presidents as well as celebrities and business leaders from around the globe. This rich heritage in hospitality has only been enhanced in recent years since becoming part of The Red Carnation Hotel Collection, with both hotels benefitting from continual investment from their owners. Both hotels have a variety of spaces perfect for entertaining whether it’s in a more formal setting such as The Regency Room at The OGH with its stunning views over to Herm and a favourite for seminars and dinners or the more informal setting of The Leopard Restaurant at The Duke of Richmond with its show kitchen or large and flexible function suite with seating for up to 300 people. The award-winning five-star OGH is situated in a fantastic central location only a few minutes’ walk from St Peter Port’s bustling High Street, allowing quick and easy access to the majority of the island’s finance district. Dating back to 1858, the building was once the official residence of the island’s Governor. Today, The OGH still retains many beautiful
Did you know… •
Most of the function rooms and the guest lounge at The OGH are named after the island’s governors, including General Sir James Douglas who was the last to use it as his official residence
•
It’s been a hotel since 1858 with the only interruption in service being during the Occupation when it was used by the Germans as their General Staff Headquarters (Soldatenheim)
•
There was a hotel on the site in 1815, however the 1902 Chamber of Commerce guide stated that the ‘Richmond Hotel’ was the principal boarding house in the Channel Islands
• The building was virtually rebuilt in 1969 and the seaview block with balconies was added in 1977
YOUR BUSINESS BASE IN GUERNSEY Two fantastic business hotels situated in the heart of St Peter Port
Whether you need space for a small focus group or are looking to hold a meeting, seminar or large event, we can provide fully equipped business services you can rely on. Our elegant function rooms can accommodate up to 300 people in total comfort. Our events team can also arrange off-site excursions, entertainment and travel for individuals or groups where required. We offer competitive rates for overnight stays and business packages, to find out more about our tailored approach, please contact Tracey O’Neill, Director of Sales, on 01481 738623, or email toneill@rchmail.com.
Guernsey’s only five star venue
Four star luxury, five star treatment
Seven stylish function rooms
A choice of four superb reception rooms
Host everything from memorable meetings for six, to lavish banquets for 150 guests
Fully equipped for 16 to 300 delegates
Renowned cuisine and an excellent cellar Private dining rooms ideal for pre-board meeting dinners
Private bar and Terrace - perfect for refreshments State-of-the-art sound system and A/V equipment Ideally situated for easy access to the island’s business hub
Competitive business rates including full English breakfast, digital newspapers, and use of the hotel gym and spa
Competitive business rates with complimentary upgrades subject to availability, full English breakfast and high speed WIFI throughout the hotel
Telephone: 01481 738 504 Email: meetingsandevents@theoghhotel.com www.theoghhotel.com
Telephone: 01481 740 860 Email: events@dukeofrichmond.com www.dukeofrichmond.com
@OGH_Guernsey
/theoghhotel
OGH_Guernsey
@DOR_Guernsey
/dukeofrichmondhotel
DOR_Guernsey
H O S P I TA LITY
Serviced apartments - a growing trend Oliver Appleyard, group marketing manager for Seymour Hotels in Jersey, looks at the growing popularity of serviced apartments for business and leisure travellers For many business people with professional links to Jersey, travelling for work has become common, and although the length and time away from home can vary, it is not unusual to be away for weeks or even months at a time. If relocating from the UK or abroad, a base in Jersey may be needed before choosing and setting up a more permanent home. You may be looking for a place to stay that offers freedom and flexibility for a holiday or a visit to friends and family in Jersey. If your home is being renovated, or you are between homes, whilst purchase or long-term rental is arranged, then as a home from home it’s ideal. Today’s visitors, for whatever purpose, are increasingly finding serviced apartments offer convenience and excellent value for money. The Merton Suites, part of the Seymour Hotels Group, are certainly no exception. Winter let and corporate rates make the suites even more desirable. The suites are designed in such a way that they can interconnect to offer spacious accommodation for anything from 2 – 12 guests. Children are welcome. Each suite is equipped with twin or double beds, fully equipped kitchen, telephone, free Wi-Fi, the latest flat screen TV technology including smart phone and laptop
connectivity and free in house movies. There’s a stylish modern bathroom with separate shower, iron and ironing board, hair dryer, in-room safe and south facing balcony.
restaurants, bars, live entertainment and services of the adjacent Merton Hotel. (Open until 16 December and reopens on 29 March 2018)
The suites also provide guests with secure parking and on site laundry facilities. Business guests may like to hold private meetings or entertain colleagues in the privacy of their spacious apartment. This reduces the costs of hiring a separate meeting room or entertainment space. Longer-term guests spending weeks or months away from home appreciate relaxing with a home cooked meal which they can prepare themselves in their own well equipped modern kitchen.
Merton Suites guests have all year round free access to the Merton Aquadome and Leisure Club which has a fully equipped gym, sauna and steam room. There’s an indoor and outdoor pool and the exciting Flowrider® surf wave machine. With all these leisure activities on hand guests will have no trouble unwinding after a busy day.
The serviced apartments can offer twice as much space as a standard hotel room with scope to work and entertain. Guests have the freedom to come and go as they please with no rules and regulations, choose whether to cater for themselves (which is excellent for any dietary requirements) or dine out as they please. They have the benefit of peaceful and quiet surroundings without the distraction of the hustle and bustle of a hotel. Whilst guests can enjoy the independence and flexibility associated with a serviced apartment they also have the added benefit of being able to enjoy the different
The Merton Suites, adjacent to The Merton Hotel, provide the perfect place for business visitors to the island, and local guests, who are looking for flexible, stylish accommodation that offers independent living and true value for money just moments from St Helier. The suites are within walking distance of St Helier’s main business hub and its amenities as well as local shops, and only a short drive to anywhere else on the Island. If you are looking for a long term let, or your company regularly brings clients or colleagues to the Island, The Merton Suites can offers special rates for a stylish and flexible ‘home from home’ environment.
Each suite is equipped with twin or double beds, fully equipped kitchen, telephone, free Wi-Fi, the latest flat screen TV technology including smart phone and laptop connectivity and free in house movies 72
Home Suite Home
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M LE R E T G
LON
If you are moving home, renovating, relocating or in Jersey for work then our flexible self-catering accommodation is ideal. Our excellent rates include free parking, free use of the Merton Leisure Club and Aquadome, WiFi and weekly cleaning with fresh linen.
www.jerseylets.com
For reservations please call (01534) 751374
THE STROKE OF A PEN All of us as Channel Island residents are aware that we live somewhere of natural beauty. The islands have inspired many paintings and drawings over the years including Renoir’s famous depiction of Guernsey’s Moulin Huet Bay. Olivia Kemp is a young professional artist who also found inspiration when she visited Guernsey in April in preparation for her own exhibition which will open in Market Square on 27 September.
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But don’t expect chocolate box views or traditional landscapes. Olivia works in pen and creates incredibly detailed interpretations of her subjects, with some of her studio pieces taking around four
months to complete. ‘I love the work of artists who paint and that was what inspired be to become an artist.
But painting isn’t for me. I only work in pen and enjoy the fact that every stroke I make will be visible at the end. ‘I try to find interesting and unusual places to incorporate in my work. So I have work featuring forts, ruins and even tree houses.’ Olivia has a degree in painting, and completed a PhD at the Royal Drawing School. She also teaches for the school part time and supports its outreach programme where she visits secondary schools in areas of London where there is extremely low take up of art at A-level. She runs workshops for the youngsters and talks to students about art being a realistic subject option.
‘I love being involved with bringing the next generation of young artists through the system. They ask amazing questions and I find that part of what I do hugely fulfilling.’
art teachers who encouraged their students to experiment with materials and styles, often giving up their own lunchtimes to give students access to the art studio.
During her three-week visit, Olivia made numerous sketches and took lots of photographs that she could then take back to her studio while she worked on her exhibition pieces. The exhibition centrepiece is a stunning depiction of many different elements of the island which she has been working on for several months.
Now Olivia takes inspiration from poetry and other writing rather than paintings or drawings.
She has had paintings shown in a range of galleries across many locations, including Saatchi Gallery, The National Gallery and Christies in New York. Generally speaking she has five to seven exhibitions each year which range from commercial events to ‘open call’ exhibitions where her work is hung along with other artists as a means of being shown. ‘As a young artist, I have selected not to work exclusively with one gallery. I wanted to be able to illustrate the versatility of my work by showing it in different contexts whether that’s in a contemporary white cube space, in a traditional museum environment, in a large exhibition space or a small gallery.’
‘I love Tim Dee and Roger Deakin and sketched lots of birds in Guernsey, partly because I had just finished reading Running Sky be Tim Dee.’ Olivia’s stunning work promises to bring something very special to the island and the exhibition will be well worth a visit.
The Art for Guernsey exhibition takes place 27 Sept – 7 October Market Square
Art for Guernsey is supported by Bullion Rock, Carey Olsen, Guernsey Community Foundation, Lancaster Trust and Sydney Charles
Early inspiration came from her own school
As a young artist, I have selected not to work exclusively with one gallery. I wanted to be able to illustrate the versatility of my work by showing it in different contexts whether that’s in a contemporary white cube space, in a traditional museum environment, in a large exhibition space or a small gallery
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The Guernsey Property & Construction Awards
Beau Sejour - Thursday 2nd November 2017 Bringing together all areas of the property, building and construction industry The awards evening will celebrate achievements and showcase the successes of the wide range of professional services that makes Guernsey’s property and construction industry great Celebrating architects to engineers; contractors to surveyors; property agents and managers - anyone involved in the industry and their guests are welcome Tickets for this black-tie gala evening, which includes entertainment from TV comedienne Lucy Porter, together with a three-course dinner and a charity raffle are just £75 per person or £750 for a table of ten To make a reservation, contact Julie Todd email: julie@collaboratecommunications.com tel: (01481) 715222
www.guernseyconstructionawards.com
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M I D S H O R E C ONSULTING
Local business – international law Christopher Jehan, managing director of Midshore Consulting, explains how islands’ businesses have to accommodate international, national and local standards and regulations When doing business, we see constant reminders that our islands do not operate in isolation. Whilst this is particularly prevalent in financial services, it is not unique to this sector and some standards apply across all businesses. In many cases there are standards set by international organisations, but in others there are regulations and standards applied by nations or supranational groups with extraterritorial consequences.
citizens’ accounts throughout the world. The Common Reporting Standard (CRS) and the Country-by-Country Reporting (CbCR) required under the Base Erosion and Profit Shifting (BEPS) Action Plan 13 are both international initiatives under the auspices of the Organisation for Economic Co-operation and Development (OECD) and require reporting in respect of other participating countries/jurisdictions. Financial services regulation
Data protection One current example that can affect any organisation in the islands is the European Union’s General Data Protection Regulation (GDPR), which has extraterritorial scope as it applies to the data of all EU citizens regardless of where in the world it is held. The GDPR will be given local force and apply to all personal data held as local legislation equivalent to the GDPR will be implemented; this is important to maintain equivalence with the EU. It may be fair to think that financial services firms may be better placed to deal with the requirements of the GDPR than others, given that they already deal with implementing various regulatory changes on a regular basis, however the risk for these firms is losing track of a change that may have significant impact on their infrastructure and processes. Automatic exchange of information (tax) In the past few years there have been three key automatic exchange of information (AEoI) initiatives implemented into the local regulatory structure. One requires exchange with a single country whilst the other two are international initiatives. The Foreign Account Tax Compliance Act (FATCA) is a United States initiative, requiring exchange of account information on their
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Many pieces of local regulation have their roots in international standards. For example, many regulations relating to investment business are based on standards set by the International Organisation of Securities Commissions (IOSCO); similarly, regulation for insurance business can be traced to the International Association of Insurance Supervisors (IAIS). It is important to note that local regulators do not simply react, but are active participants in formulating international standards for regulation. Another area where the islands implement regulation is in trying to maintain access to key markets. For example, local regulators have implemented fund regulation equivalent to the EU’s Alternative Investment Fund Managers Directive (AIFMD) in the hope of obtaining a future passport for selling local funds institutionally throughout the EU. Both Guernsey and Jersey have obtained successful equivalency assessments, however the Brexit process has derailed the passport regime for non-EU jurisdictions. Anti-Money Laundering is another area where jurisdictions seek to match international standards, those set by the Financial Action Task Force (FATF). Both Guernsey and Jersey have shown compliance with more of the FATF standards that most other jurisdictions following their
recent reviews by Moneyval, and both islands seek to further enhance their regimes. The key is to ensure a continuing move towards compliance whilst maintaining international competitiveness. Dealing with overseas legislation In addition to local implementation of international and national standards, financial services businesses must also be aware of the local requirements in the markets their clients are based. For example, each EU/EEA state will have their own requirements for marketing funds under the National Private Placement regimes currently available under AIFMD. Similarly, each state will have requirements for marketing investment services under the new version of the Markets in Financial Instruments Directive (MiFID II) and its associated regulation (MiFIR). Local funds can be registered for sale in Switzerland under the Collective Investment Schemes Act as the regulators in both islands have a memorandum of understanding (MoU) in place with the Swiss regulator. Furthermore, Jersey has a MoU, which allows establishment of a Swiss branch of a Jersey business to manage a Swiss fund. Businesses in the islands have also successfully registered funds for sale in South Africa under their Collective Investment Schemes Control Act and local investment managers have also registered to provide investment advice under the Financial Advisory and Intermediary Services Act. It is important not just to be aware of the local regulatory environment, but also the international standards that we move towards and the national regulations in our target markets. Choosing the right consultancy can help to navigate both local and international waters.
YOU ARE INVITED The Guernsey Property and Construction Awards, in conjunction with the Guernsey Construction Industry Forum, and supported by CIGPE invite you to two very special breakfast seminars:
PROPERTY SALES, MORTGAGES AND LETTINGS - PAST, PRESENT AND FUTURE
THE SUSTAINABILITY OF INFRASTRUCTURE
Mark Hayward
Professor Tim Broyd
Chief Executive The National Association of Estate Agents
Mark Hayward has extensive experience in property covering sales and lettings. He has acted as a consultant to national and regional developers, housing associations and property companies. He sits on a number of committees including HM Treasury’s Money Laundering Advisory Committee, the Land Registry Advisory Council and HMRC’s Stamp Duty Land Tax Working Together Stakeholder Group. Mark is also on the board of The Tenancy Deposit Scheme, The Property Ombudsman and The International Consortium of Real Estate Associations.
BSc PhD CEng FREng FICE FRSA President 2016 - 17
Tim Broyd is a Fellow of the ICE, the Royal Academy of Engineering and the Royal Society of Arts, Manufactures and Commerce. He is Director of the UCL Institute for Digital Innovation in the Built Environment. A civil engineer by batchelor’s and research degrees, as well as experience, Tim has worked as a practitioner and director of research and development in industry, the public sector and academia. He has held research, technical and corporate management roles in industry and universities together with voluntary service on various strategic panels for government departments, research funders and universities. Amongst many other things, Tim was a founder member of the UK Government BIM Task Group. He has recently commenced Chairing a Water and Wastewater Resilience Action Group, on behalf of the entire UK Water Sector.
SEMINAR DETAILS Both these seminars will take place on Monday 2nd October from 8am to 9.30am, and include a breakfast of bacon rolls/pastries, juices, teas/coffee Venue: The Peninsula Hotel Tickets: £15 per head Spaces are limited so please book quickly. To reserve, email: adam@collaboratecommunications.com, or telephone him on 07781 431018. Alternatively, you can book online – visit www.guernseyconstructionawards.com for full details
www.guernseyconstructionawards.com
F O C U S HR
Focus on a decade in HR Katie Bellingham and Becky Machon look back on the changes they have seen in the HR sector since they set up their company 10 years ago. We launched Focus HR solutions in September of 2007 having both worked in the human resources department at Kleinwort Benson for several years. Whilst fulfilling our roles there, and completing professional qualifications, we felt there was a gap in the market in Guernsey for outsourced HR services, which offered the full HR department services but on an ad hoc basis, to companies which did not have or need a full HR team. We decided to take the leap and launch our own company offering such services. Despite heading straight into one of the most significant recessions of our generation, which began to unfold in 2008, only months after we established our business, we are still standing a decade later – and not just surviving, but thriving. Our success has come from our ability to identify opportunities, adapt, and take calculated risks. We have, over the past 10 years, diversified our service offering, expanded our reach to include Jersey - serving more than 100 businesses each year, launched a new business consultancy division, and been nominated for, and won, numerous local and industry awards. What we have learnt since first opening our doors in Cornet Street all those years ago is immeasurable. We believe, however, that it is worth sharing some of what we have learnt and have identified as major changes in the HR industry over that time. It goes without saying that a major change has been advances in technology and the way in which this has affected processes, procedures, and accessibility to information, for our clients. Perhaps the most obvious technological development is the proliferation of social media and the impact that has had on recruitment practices.
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With Facebook, LinkedIn and Twitter, recruitment will never be the same again. Nor should it be. Social media is a great way to find employees – or more importantly have employees find you. Social media has brought, not just changes to recruitment practices, but also challenges for the employer. We’ve all read the stories about people losing jobs because of something they posted on their Facebook page, right? Developing social media policies and deciding whether to monitor employee time online just scratch the surface of employer challenges. Another major change has been what we refer to as pro-active people management. The dynamic between employer and employee has progressed somewhat over the past decade. This is in part due to culture. When we launched Focus, millennials were graduating from university, seeking their first or second career-focused jobs, entering a workforce that was undergoing difficult times and, in some industries, redundancy after redundancy. Now these millennials are in management positions, running our businesses, or better still fully-fledged entrepreneurs. Baby boomers are retiring, or preparing to do so, and Generation Z is entering the workforce with the latest skills, qualifications, and the first cohort to be born into a world where the internet is a given and touchscreens are the norm. If you think integrating millennials into the workplace was a task and a half, wait until you mix Gen Z with the baby boomers. We’re in for some interesting, and we believe exciting, times. A recent hot topic, but not something that’s particularly new is the mental wellbeing of staff in the workplace. People
Management Magazine just featured a piece about whether or not we’re sharing too much in the workplace. It stated that sharing personal problems at work is no longer taboo, asked what this means for employers and how HR plays a role. People management is a major part of our business these days, so much more so than years past, to the extent that we offer PRISM Brain Mapping – a comprehensive neuroscience-base behaviour mapping instrument specifically designed to identify the behavioural preferences that directly relate to personal relationships and work performance. You may have undertaken something remotely similar when applying for a job in previous years, but now tools such as PRISM are used regularly alongside the appraisal and promotion process – not just for the purposes of hiring. The employment environment in Guernsey has also had to change over the past 10 years and I would be remiss not to mention the most significant advancements that have been made. As a leading international finance centre and one that embraces entrepreneurial spirit, it is only right that our employment laws keep up to date. The last decade has seen the introduction of a minimum wage, sex discrimination legislation, and legal right around maternity provisions. The amount of employment relation legislation will only increase in the coming years as Guernsey strives to maintain its reputation as a centre for business excellence. So, as you can see, HR has made significant strides over the past decade, changes in technology, people management, and employment law have positively affected our industry, which continues to play a major role in all businesses.
Take a long hard look at your personal data With less than a year to go before the EU GDPR and Guernsey’s equivalent regime become reality, now is the time for businesses to get to grips with their existing arrangements and to ready themselves for the new world of Data Protection. Our packages are built around your needs, but, as a flavour, these are the kinds of services we have on offer:
Data Audit and mapping of P&Ps, data handling, cyber controls, human controls and agreements
Preparation of requirements
Provision of Data Protection Officer (or equivalent) or ongoing DP support
Periodic internal audit style reviews
Phone-a-friend for ongoing reliable, ad hoc guidance and support
enhanced
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For a no obligation chat to see how Centillion can best help you to be prepared for Data Protection, contact Haley today.
BU S I N ES S IN THE C OMMUNI T Y
AN INSIGHT INTO ROTARY
There is an incredible amount of voluntary and charity work that goes on across our islands and local people are extremely generous both in terms of time and money in support of the large number of fund-raising events that take place through the year. Whilst most of us have undoubtedly heard of Rotary, the various clubs across the islands get involved with an enormous number of projects and initiatives – probably more than most of us realize. Contact found out more. So – what is Rotary? A social club for a bunch of old men in suits? That’s the impression many of us might share. But… The Rotary Club of Guernsey was formed in 1923 and, as the club was becoming quite large, a second club, Rotary Guernesiais, was set up in 1994. Rotary Club of Guernsey has over 70 members and Rotary Guernesiais has about 30 members. Worldwide, Rotary International has approximately 1.2 million
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members in more than 32,400 clubs. Each member pays, via annual subscriptions into the Rotary Foundation, which is the charity from which funds for good works are disbursed across the world.
individual winner progressing to district, regional and national level competition • Annual Flag Day, the proceeds of which are used to fund food parcels at Christmas for those less fortunate families
But what do the local clubs do? Well, apart from paying into Rotary Foundation, locally, the Rotary Club of Guernsey runs •
Youth Speaks , a public speaking competition for schools, with winning teams progressing to district, regional and national level competition
• Young Chef, a cookery competition in which contestants have to prepare a three-course meal, on a budget, with the
The club also runs the Tree of Joy. Many think of this as the iconic light display hung from the mast on the roundabout at the bottom of St. Julian’s Avenue but that is only a symbol. Every year, the club distributes, to various participating companies, tags which detail the type of present requested by less fortunate children in our society - not named on the tag - who may otherwise not have much at all for Christmas. The requested present is purchased and wrapped,
B U S IN E S S IN T H E COM M U NIT Y
Rotary Guernesiais organises a shoe box appeal sending Christmas gifts to children in poor communities in Eastern Europe. Last year they sent a staggering 4,000 boxes collected by Rotarians and given to the child at Christmas.
processing around the island back in early June.
Rotary Guernesiais organises a shoe box appeal sending Christmas gifts to children in poor communities in Eastern Europe. Last year they sent a staggering 4,000 boxes. The annual senior citizens tea party is another of the club’s regular events and they also this year took a group of children from Les Rondins on a fun day out in Herm.
All this as well as organising projects abroad, mainly in Africa, drawing on the funds from Rotary Foundation.
The two Rotary clubs come together over our main annual charity event, the Round–the-Island Walk, formerly the Itex Walk, now known as the Saffery Rotary Walk. This year it supported 28 local charities and was the largest walk to date. No doubt you remember the stream of orange shirts
So, active clubs doing great things for the local and wider community. But what is the club like? Is it really old men in suits? Well many (by their own admission) are past middle age (itself a controversial term) but all are professional people in or having had successful careers. Think of the wealth of experience and range of contacts the clubs can draw on the get things done!
The clubs meet once a week (Wednesday lunchtime for Rotary Club of Guernsey and Monday evenings for Rotary Guernesiais). Meetings will discuss club business, when the heads of various committees bring the membership up to date on matters, and at other meetings there might be a guest speaker. There are various social meetings as well. Changing president at the end of his/her year is a party and there are other events too. So, Rotary is a club committed to charitable works both locally and in the world. It is also quite a fun thing to belong to! Who knows, you might want to come along and see what we are really like!
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BU S I N ES S IN THE C OMMUNI T Y
Credit Suisse triathlon challenge raises ÂŁ15,000 for children's ward outdoor area
Appleby supports 'Tee Off with Matt Le Tissier' children's golf morning
CI Co-operative Society supports Youth Commission's school healthy eating campaign
St Sampson's High students take part in the Rossborough sponsored West Coast Challenge to raise money for reading programme
The Royal Bank of Canada Garden was opened by the Bailiff at Les Cotils
ZEDRA's art auction raises ÂŁ3,000 for Les Amis
Imperium staff get their legs out in support of MUG
T H E L E GAL ARENA
Guernsey: the time limit for claims against directors for breach of duty Carey Olsen’s Tim Corfield (partner) and Julia Schaefer (associate) explain.
A claim for breach of duty made against a Guernsey company director can have significant consequences, both personally and professionally, especially in terms of career, reputation and livelihoods.
Guernsey directors, who may feel exposed by the prospect of latent claims against them arising up to 10 years after the event, and is the same period applicable in Guernsey? The legal position in Guernsey
Often claims arise with little if any warning, from what directors may consider to be historic transactional decision-making. Directors need to be astute to matters such as indemnification periods and contingencies, D&O insurance coverage, premium costs and run-off cover. The English High Court in O’Keefe recently determined as a matter of Jersey law that claims against directors for breach of duty were no longer possible (or ‘prescribed’) after 10 years from the date of breach of duty. Before that decision, it was unclear whether the relevant period would be three or 10 years. As the judge explained in O'Keefe: ‘Certain kinds of claim are subject to particular prescription periods; for example, there is a 10-year period for claims for breach of contract and, more importantly for present purposes, a three-year period for claims for tort. In some cases no specific legislative provision or judicial decision expressly stipulates the applicable period; that is the position as regards claims for breach of directors’ duties. When a question arises as to the applicable prescription period in a given case, the starting point is to characterise the nature of the action.’ O'Keefe determined that for a claim for breach of directors’ duty, the default 10-year period for a personal action applied, instead of any other period. So what impact (if any) does O’Keefe have on
There is no statutory guidance, in that neither directors’ duties, nor their relevant prescription periods, have been codified in Guernsey law. What does prescription mean? Prescription means that in Guernsey law, a legal right is extinguished after a certain period of time. Hence, once the prescribed period has expired, there will no longer be a claim existing and capable of pursuit in law. What time limits apply? Subject to certain exceptions on the running of time, Guernsey and Jersey prescription periods differ for similar claims: • Breach of contract claims are prescribed after six years from the date of breach in Guernsey, ten years in Jersey. • Commercial torts are prescribed after six years from the date that the damage oc curred in Guernsey, three years in Jersey. • Personal claims are prescribed after six years from the date the claim arose in Guernsey, 10 years in Jersey. • Breach of trust claims are prescribed after three years in both Guernsey and Jersey. O'Keefe decided that neither tort, nor trust law prescription periods apply. That is because the court held that fiduciary duties (a director’s duty to act honestly and
in good faith with a view to the best interests of the company) do not give rise to an action in tort. Similarly, there was no application of the trust law, because the express provisions of the Jersey trusts law preclude application to directors, and in any event directors are not by virtue of their office trustees of the company’s property. Instead, the company is the legal and beneficial owner of its property (by virtue of its own legal personality) and hence directors do not hold the company’s assets; as such the breach of trust remedy and prescription period did not apply. It is considered that these determinations would be persuasive before the Royal Court of Guernsey. Conclusion If one adopts the reasoning of the court in O’Keefe, but transplants Guernsey prescription periods, the timeframe for potential claims is shortened to six years (rather than 10). Because the prescription periods in Guernsey for personal claims, torts and contract claims are identical, directors can take considerable comfort in the knowledge that timeframes within which claims may be brought against them are fairly certain. This will assist them with planning and making provisions for indemnification, insurance cover and defence costs cover. Furthermore, with these periods being very similar to those in English law, there may be further comfort in terms of cross-border commercial understanding, especially with insurers and on matters of determining periods for run-off cover.
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T H E L E GAL ARENA
New strategy – changing culture and attitudes Hana Plsek, associate at Collas Crill, takes a look at the implications of Guernsey’s new Disability and Inclusion Strategy The man who moves a mountain begins by moving small stones (Confucius). In November of 2013, the Disability and Inclusion Strategy was approved by the States of Guernsey.
those with: ‘physical, mental, intellectual or sensory impairments which in interaction with various barriers, may hinder their full and effective participation in society on an equal basis with others’.
At the heart of the strategy is the aim to improve the quality of life for disabled islanders, their families and carers and a drive to change the attitudes toward disabled people so that they may be engaged and active within the island community on all levels. In particular within the strategy, there is a commitment to introducing legislation that will protect disabled islanders from discrimination both in employment and in the community as a whole.
Discrimination on the basis of disability is quantified by any ‘distinction, exclusion or restriction on the basis of disability which has the purpose or effect of impairing or nullifying the recognition, enjoyment or exercise, on an equal basis with others, of all human rights and fundamental freedoms in the political, economic, social, cultural, civil or any other field’.
Why this needs to be done The most recent (available) statistics from the UK indicate that 14% of the working age population in the UK are disabled persons. If we apply that to Guernsey, that would constitute roughly 5,500 people. To ignore the needs of such a number of people and their carers is not only unreasonable, it is not sustainable in the long-term for Guernsey. These individuals form part of a valuable resource that may be being under used due to outdated or prejudiced conceptions of the requirements of disabled persons. What is meant by disability and how do you discriminate on that basis? As defined by the United Nations Convention on Rights of Persons with Disabilities people with disabilities include
So this isn’t just about not being able to get to the third floor to access the bathrooms, or indeed, bigger text on company leaflets. It is about changing our culture and attitude. How this is to be done The three key outcomes of the strategy are: 1) Improving opportunities for disabled people and their carers to participate across society 2) Promoting more positive and inclusive attitudes towards disability in the community 3) Challenging instances of disadvantage facing disabled islanders Arguably, one of the key features, is the discrimination law will be protection. Those who are more vulnerable need a safety net that is accessible and relevant to all forms of disability.
What this means - Reasonable adjustments Stereotypically, disability legislation has brought on an unrealistic reaction towards change. Typically smaller companies have been seen to be burdened with costs to meet the basic changes required such as wheelchair access. But the business community needs to understand that disability is so much more than a physical scenario and any change required, in most cases, may well be quite small. So what constitutes ‘reasonable’? The Guernsey Employment Trust (GET) has put together a Good Practice Guide for employers in Guernsey. Included in this guide is a snapshot of some of the small changes that businesses can consider when looking at changes to accommodate disabled staff. Some of these suggesting include: • Allocating some duties to another person • Altering the disabled person's working hours • Modifying existing equipment • Providing additional mentoring or assistance With strong consultation and the support of the business community, Guernsey has a real opportunity to create a legislative frame work that will support not only those marginalised on the basis of their disability, but all those pushed aside by reasons such as race, gender, marital status, religion or age.
So this isn’t just about not being able to get to the third floor to access the bathrooms, or indeed, bigger text on company leaflets. It is about changing our culture and attitude 87
TH E LEGA L A R E NA
Misbehaving out of hours Many employers have had that sinking feeling as they hear about what an employee has been up to on their own time. Victoria Pratt, senior associate at Walkers, looks at how misbehaving out of hours should be handled. What would you do if one of your senior employees was found brawling outside a town pub? Or if the new girl in accounts had been arrested for breaking into her ex-boyfriend's house and taking some of his things? Or if your aged warehouseman has spared no detail in setting out some offensive opinions on Facebook? While employees are clearly entitled and encouraged to have a life outside work, as an employer, you can take an interest in those activities if they damage your business's reputation or relationships. Similarly you can take action if the misbehaviour affects the working relationships among your staff or your employee's ability to perform his/ her job or if it would be of interest to your industry regulator or the police. As with any misconduct, prior to making a decision an employer needs to suspend judgement, however apparently obvious the miscreant's behaviour, and investigate what actually happened and follow a fair and proper procedure prior to imposing a penalty or dismissing. The exact form that the investigation takes will depend on the circumstances but will include at least: (a) talking to the employee who appears to be at fault to get his or her version of events, (b) checking the terms of the employment contract and (c) following procedures set out in staff handbook/policies and procedures, or in the absence of such, the Code of Practice on disciplinary practice and procedures in employment issued by the States of Guernsey's Employment Relations Service. In the case of the fist-happy employee above, given his senior status, merely fighting is likely to be sufficient to take his conduct into disciplinary territory.
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Regardless of seniority, if the fight involved a client, colleague or competitor then this close connection with the business is likely to justify you investigating the conduct with a view to disciplinary action. Being in trouble with the law is not necessarily sufficient ground to dismiss an employee, even if that employee is sent to prison and cannot come into work, as it may be that your business can manage pretty well without him for the duration of the sentence.
While employees are clearly entitled and encouraged to have a life outside work, as an employer, you can take an interest in those activities if they damage your business's reputation or relationships
to press on with your own investigation and disciplinary action without delay. If the employee has been working for you for less than twelve months then much of the unfair dismissal regime will not yet protect them so he or she can often be dismissed either with contractual notice or, in the case of gross misconduct, without notice (summary dismissal). However all employees, regardless of their length of service, have some protections under the employment protection regime. In the case above, if the new girl in accounts were pregnant then even though she had only a few weeks service, you would need to make clear that her dismissal was nothing to do with her pregnancy. While relevant to much misconduct, it is particularly the case with social media misdemeanours that an employer can be tempted to discipline or sack an employee because of fear of damage to the business's reputation. However you must be sure that damage has actually been done and should test your assumptions by discussing the situation with one or more of those parties who may have been offended - not an enticing conversation.
For some businesses certain offences will be particularly sensitive and any offence involving dishonesty, as is the case with the new girl in accounts, is likely to present a real problem to employers, particularly regulated financial service businesses or where the employee's duties involve a higher degree of trust.
Where social media is involved then you must look carefully at whether or not the opinions expressed could be linked back to your business. Is the employee is well known as a member of your staff or has he has mentioned the business in the post or elsewhere on the social media site? If yes then he is likely to be in hot water and it is no defence for him to say that he thought the posting was private.
While you might be nervous about taking action before the police and court proceedings have concluded, there is no need to hold fire and in many cases the proper course of action would be for you
We will be discussing how to handle gross misconduct at the Walkers Annual Employment Conference on 4 October 2017. See www.eventbrite.com for more information.
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T H E LEGA L A R E NA
Off to a flying start corporate aviation in Guernsey Appleby (Guernsey) LLP is up, up and away.
Its active and thriving aviation team whose wide-ranging interests in the area, strengthened by the support of Appleby’s global aviation team, is building a burgeoning aviation practice in Guernsey. This practice is international in outlook but is certainly strongly connected to the fast-growing success of the relatively young Guernsey aviation registry, 2-REG. 2-REG, has been quick to secure its position as a market leader. Within 17 months of being established, 50 aircraft had been registered, increasing to over 150 aircraft now registered, including a number of high-profile clients and aircraft such as the Boeing 787 Dreamliner. Interest continues to take off. Distinguishing itself from rival registry jurisdictions, in November 2015 Guernsey ratified the Cape Town Convention on International Interests in Mobile Equipment and the corresponding Aircraft Protocol. This has been a great benefit to 2-REG giving global certainty and recognition to Guernsey-registered aircraft and international interests created in Guernsey itself. The convention is an ambitious piece of international commercial law with the purpose of providing a stable international regime for the protection of secured creditors, conditional sellers and lessors of aircraft. Amendments to the aviation laws in Guernsey have also paved the way for the issue of aircraft operator certificates (AOCs) by 2-REG, a real USP, increasing its attractiveness globally. AOCs allow for the commercial operation of Guernsey-registered aircraft and provide a valuable opportunity for owners to generate additional revenue from their aircraft when not being used. All in all the success of 2-REG, the introduction of AOCs and the convenience of Guernsey as a location for a non-EU stop
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to transfer title in an aircraft have kept the Appleby team extremely busy in an area which is constantly developing. There are potential clouds on the horizon however. Whilst not a problem unique to Guernsey, Brexit is certainly an issue at the forefront of all those operating in the aviation market today. In aviation parlance, turbulence is expected. As aircraft are a moveable, high-value asset, owners and operators are willing to shift registers to take advantage of the most beneficial regime. Guernsey has close geographical, political and economic ties with the UK that extend into the aviation sector. Given that the UK is one of the largest aviation markets in the world, the considerable uncertainty generated by Brexit and little reassurance given by the UK government, mean that 2-REG may be in a position to capitalise on this. Perhaps the most significant impact of Brexit could be changes to access of UK-registered aircraft to Europe. The UK is currently part of the European Common Aviation Area (ECAA), membership of which grants automatic access to the single aviation market and removes many limits on aircraft registered with ECAA flying between member states. Although leaving the EU does not necessarily prevent the UK from remaining within the ECAA - Norway and Lichtenstein have managed to negotiate access – remaining will require the UK to accept all EU aviation legislation. It is hard to believe that these conditions will be readily accepted. If the UK drops out of the ECAA, it will be forced to negotiate bilateral agreements between both ECAA member and non-member states as many of the current aviation agreements have been negotiated directly with the ECAA. Exit from the ECAA would also see restrictions on cabotage. Currently, private aircraft rely heavily on journeys whereby they drop a passenger off in one city and make the short journey to another to pick up a
passenger for the return leg. This helps to avoid wasted fuel and empty legs making short haul flights as profitable as possible. If UK-registered aircraft can no longer fly freely throughout the ECAA, this will severely restrict such journeys and create an incentive to move to another more favourable jurisdiction. Brexit could also lead to more complex and onerous aviation legislation in the UK as it begins to introduce its own regulations to replace EU ones. The UK Civil Aviation Authority is renowned for introducing regulations and requirements that are more extensive than the international norm and therefore as it gains full control over UK aviation legislation it is likely that the amount of regulation will only increase. 2-REG’s strong growth is due to the fact that it is responsive, adopts a pragmatic approach, benefits from a strong regulatory foundation and offers the chance to register aircraft in a tax-friendly jurisdiction. The UK has enjoyed a long period of strength in its aviation market, however the significant uncertainty created by the Brexit vote and the potential implications of leaving the ECAA mean that this is now threatened. Guernsey offers a neutral jurisdiction with a long history of political stability and efficient tax rules that together allow access to the International Registry via the Cape Town Convention and is in a strong position to capitalise on the uncertainty that currently exists in the UK. Appleby continues to monitor the likely impact of Brexit along with other areas on Guernsey and our other offshore jurisdictions, advising clients on such impact and tailoring structures to suit their needs in a changing regulatory environment. The continued success of 2-REG and Guernsey as an aviation jurisdiction is one we are pleased to help continue to grow and the outlook is certainly good for some high-profile success stories.
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T H E LEGAL A R E NA
Listed funds Listed investment funds are big business for the Channel Islands. Fund specialist Craig Cordle of Ogier tells us why. What is a listed fund? Broadly speaking, an investment fund refers to any vehicle that allows investors to pool their money for investment by an investment manager in accordance with a defined investment policy. A listed fund is an fund which has been admitted to trading and/or listing on a stock exchange – being a platform where securities can be bought and sold. If you have a personal pension, there is a very good chance that some of it will be invested in a listed fund. The shares in listed funds are publicly traded securities which are transferable at the option of the shareholder, whereas an investment in a private fund will likely only be permitted to be transferred by an investor with the consent of the fund manager. Why establish a listed fund? There are lots of reasons to establish a fund – here are just a few: •
Tax-efficient – funds are structured to be tax-efficient, meaning that investors insofar as is possible are treated as if they had invested in the fund's assets directly.
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Permanent capital vehicle - a listed fund will often have no fixed life and there will be no ability for shareholders to redeem or withdraw their investment from the fund. Shareholders exit their investment by selling their shares on the relevant stock exchange. This means the invested capital cannot be reduced by shareholders withdrawing their investment.
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Exposure to assets/spread of investment risk – an investor can gain exposure to assets which may otherwise be unavailable – e.g. a fund which invests in renewable energy projects. In addition, certain funds will be required to make a minimum number of investments to 92
spread risk (in other words, the fund won't put all its eggs in one basket). •
Regulated entity – the fund will be subject to regulation in its place of domicile and by virtue of its listing – for example, funds listed on the main market of the London Stock Exchange will be subject to the UK Listing Rules and funds listed on The International Stock Exchange (TISE) in the Channel Islands will be subject to the TISE Listing Rules. These rules will seek to protect investors by requiring the timely disclosure of information and monitoring of investment risk.
• Liquidity – shares in a listed fund are publicly traded, in that a seller can sell shares at a price agreed with the buyer. What can a listed fund invest in? Broadly speaking any asset can be ‘wrapped’ in a listed fund wrapper. For example, a listed fund may make investments in other investment funds, shares, loans, infrastructure, property, student accommodation, planes, ships, wind farms, solar energy, intellectual property… the list goes on! Who manages a listed fund? A listed fund will either appoint an external investment manager or will be self-managed, meaning that the board of directors of the fund will make investment decisions for the fund (usually on the advice of an external adviser). However the fund is managed, investments will be made in accordance with the fund's stated investment policy. A listed fund will also have a board of directors, the majority of whom will be independent of the manager. The board will ensure compliance with applicable corporate governance requirements and will monitor the service provided by the manager and other relevant service providers.
Where to list This will depend on the fund's ability to meet listing restrictions applicable to the relevant market. For example, listing on the main market of the London Stock Exchange will mean that the fund's investment policy will require it to have a sufficient spread of investment risk. Other markets, such as the Specialist Fund Segment of the London Stock Exchange (the SFS) and TISE, will be more permissive in terms of a fund's investment policy. Where a fund is listed can also have tax implications for an investor. For example, UK resident taxpayers may be concerned about the eligibility of their listed fund shares for inclusion in an ISA or a SIPP – it's important to note that not all stock exchanges will qualify. Those which will qualify include the Official List of the UK Listing Authority and TISE. Admission to trading on the SFS will not alone be sufficient for ISA/SIPP-eligibility. It is possible to list a fund on two (or more) markets (known as a dual-listing) – for example an admission to trading on the SFS has been paired with a listing on TISE. Therefore gaining greater market visibility and ISA/SIPP eligibility for certain investors. Marketing a listed fund Marketing (or selling) any investment fund (whether listed or not) will likely be subject to restrictions on either the manager or the fund, taking into account where the fund has been established, where the manager is located and where the potential investors are located. The rules relating to marketing a fund can often be complex, so specialist advice would always be recommended. How long does it take to launch a listed fund? There are a number of factors which affect the timetable for launching a listed fund – however, 10-12 weeks is usually sufficient time.
T H E L E GAL ARENA
An introduction to blockchains Marc Piano, associate at Bedell Cristin, explains the basic concept behind blockchains
Blockchains are commonly perceived to be complex and difficult to understand. While the technology involves a blend of several elements of computer science, the concept behind it is fairly simple. This article provides a gentle introduction to the most important parts of blockchain technology.
Decentralisation also means that people using a blockchain do not need to know or trust the other parties they are dealing with. Instead, trust is built into the way the blockchain itself operates, as everyone involved has no choice but to play by the same rules if they want to use or help maintain a blockchain – this is known as ‘trustless consensus’.
What is a blockchain?
How does a blockchain work?
Using the example of a bank, transactions between individuals are processed through a central authority (i.e. the bank), which holds and updates a central ledger relating to those transactions. Both parties trust the central authority and rely on the records of the transaction in that central ledger as 'the truth'.
A blockchain is comprised of a chain of blocks. Each block contains a number of recent transactions, which build on and are consistent with and verified by reference to previous blocks.
A blockchain removes that central authority. Instead, parties transact directly with each other and the record book is not controlled and updated by any single source. Instead, anyone can hold a copy of the ledger and take part in updating and maintaining it. This is known as 'decentralisation'. A blockchain, then, is effectively a shared spreadsheet, recording transfers of anything of value. Some are private and others public. What is decentralisation? Each blockchain operates by different rules and is intended for different uses. These rules are accepted by the consensus of developers, contributors and users, and can change if enough people agree, but no single central authority can impose changes. Unlike a traditional ledger, a blockchain is not stored on a central server. Instead, it is stored and synchronised across many computers at the same time. This means that if a blockchain is deleted from one computer, it is not lost forever and can be restored from the copies held on the other computers.
A blockchain, then, is effectively a shared spreadsheet, recording transfers of anything of value. Some are private and others public Recording transactions within a block, and verifying and adding the blocks themselves to the chain, involves cryptography and other rules to ensure that the blockchain is secure and not easily hacked. Blocks are added by computers running special software, and these blocks are separately confirmed by other users of this software so that incorrect information is not added. Once blocks are added to the chain and confirmed, transactions are generally ‘immutable’, meaning that they cannot be amended. Some uses of blockchains require
you to download special software in order to transact, while others allow parties to transact directly with each other through web-based interfaces without needing to download the blockchain itself, widening accessibility. Why are people so excited about blockchains? Blockchain offers a new method for people to interact with each other directly in a way that is trustworthy and reliable. Private blockchains and distributed ledgers in particular are attracting significant interest and investment. The technology can offer instant settlement between parties without an intermediary. What is next? As use of blockchain technology increases it will simply become a backbone for transactions rather than a novel technology in itself and the underlying platform will be irrelevant to users who engage with others on it. Recently, startups have raised significant capital using blockchain technology to develop products and services intended to make different transactions between parties faster and cheaper. Blockchain technology itself is evolving too, to allow more complex operations to run on blockchains, interaction between blockchains and to address security and speed issues. Blockchain technology has huge potential but the fact that it is an early stage technology and is largely unregulated means that you should carefully research and cautiously approach any potential involvement with blockchains.
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T H E LEGA L A R E NA
The ABC of inheritance tax compliance Raymond Ashton of ABT Advocates summarises the IHT obligations of non-resident trustees
Introduction As is well known HMRC is paying increasing attention to offshore trustees (OT) particularly their compliance requirements. The most frequent oversight of OT is the 10-year charge in respect of discretionary trusts and in many cases subsequent 10-year charges. This article looks at the scope of inheritance tax (IHT) charges, when submission should be made, the time limits for the submission of the relevant forms, the payment of IHT and the recoverability of the against non-resident trustees. Accounts The basic provisions are set out in section 260 Inheritance Tax Act (“IHTA”) 1984. The general rule is that an account must be delivered before the expiration of 12 months from the end of the month in which the transaction occurred or, in certain cases, if it expires later, the period of three months beginning with the date on which the person becomes liable for tax. If a person who has delivered a defective account, the defect must be remedied within six months. The most important chargeable events are: (a) Chargeable transfers generally - every person who is liable as a transferor is accountable and this includes a transfer within the transferor’s nil-rate band (b) Notional transfers – every trustee liable for tax on a notional transfer of value or would be if tax were chargeable is accountable. This means that an account must be made of lifetime transfers and termination of life interests.
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(c) Exit and periodic charges - every trustee liable on an exit or periodic charge or would be liable if tax were chargeable, i.e. at other than the nil rate. Time limits Until April 2011 there was no effective time limit for collection of IHT. The six-year period only ran from when an account had been delivered and tax paid. From 1 April 2011 section 240 has been amended and for the first time set out the time limits on underpaid IHT. Where IHT has been underpaid and no certificate of discharge obtained, the underpaid IHT is payable with interest from the time the full amount should have been paid. The reason for the underpayment is immaterial except where it is based on a previous view of the law by the board. Where an account has been delivered and the board has accepted the payment in full
and final satisfaction of the IHT due, section 240(2) provides that no proceeding for underpaid IHT can be taken after the expiration of the fouryear period beginning either a. on the date on which the payment or the last instalment was made and accepted, or b. on the date on which it was due (whichever is later). Thereafter any liability for IHT is extinguished. However, HMRC has a period of six years from a. or b. above where the loss of tax is attributable to carelessness. Where the loss of tax is as a result of a deliberate act of the taxpayer, HMRC has 20 years. More importantly, where no account is delivered, different time limits apply. For any loss of tax not brought about deliberately the time limit is 20 years. However, if an account has not been submitted and the loss of tax is brought about deliberately there is no time limit for recovery.
T H E L E GAL ARENA In terms of whether the behaviour is deliberate, HMRC couches the definition in terms of knowing that it contains an inaccuracy. It is not necessary to know what the accurate figure was, only that it was not accurate. Obviously where the time limits are not met interest and penalties are due. For accounts delivered after 22 July 2004 the maximum penalty for negligence and fraud is100% but the whole system of penalties is to be replaced by a new system to be introduced. Payment of tax (a) For chargeable transfers by settlors, the payment date, rather than the submission date of an account, is in the case of a transfer: (i) after the 5 April and before the 6 October in any year on the following 30 April; (ii) in all other cases six months after the end of the month in which the chargeable transfer took place. (b) For trustees the rules were changed in the Finance Act 2014. For chargeable transfers made before 5 April 2014 the tax fell due as in (a) (i) and (ii). For transfers after that date, the rule is six months after the end of the month in which the transfer took place. Recovery by HMRC of tax due from non-resident trustees Where the trust is non-UK resident, under the relevant property regime it is likely that HMRC will proceed against a UK settlor under section 201(d) or where possible against a
UK beneficiary under section 201(c). In such a case the settlor or beneficiary may then seek reimbursement against the trustees of the foreign settlement. Most modern trust deeds contain a power to reimburse a settor or beneficiary and in many cases, even where there is no obligation to do, so will reimburse the beneficiary on the basis that it is in the beneficiaries’ best interests. One extreme case is where the settlor is either non-resident or deceased, the beneficiaries are all non-resident and there is no UK situs property. The issue then is whether the non-UK resident trustees can proceed against non-UK resident trustees in the English courts. They must then satisfy the court that an English forum is an appropriate forum for the claim and then whether they are able to enforce the judgement against the trustees’ assets in the foreign jurisdiction. This may be problematic where the assets are held in a foreign controlled company owned by the non-resident trust. Where an English court has jurisdiction in an ‘in persona’ action, the defendant can be served in England but it is more difficult in the case of non resident Trustees. The second issue of enforcement is a difficult one. The position is that, absent an agreement between the two countries, under their double tax arrangements HMRC can only enforce a judgement at common law. However, the foreign courts are unlikely to enforce a judgement and in the case of Guernsey, this is prohibited by the Judgements (Reciprocal Enforcement) (Guernsey) Law 1957. A possible avenue might be via section 426 of the Insolvency
Act 1986 which would enable the High Court in London to ask the Royal Court in Guernsey for assistance to collect a tax due in England. This has not happened to date and the foreign court has roundly dismissed claims to enforce a foreign tax debt. No support was given in Government of India v Taylor, to Rossano’s case nor in Brokaw v Seatrian UK to the suggestion that an action in this country could ever be described as the indirect enforcement of a penal or revenue law in another country when no claim under that law remained unsatisfied. The existence of an unsatisfied claim to the satisfaction of which the proceeds of the action will be applied appears to me to be an essential feature of the principle enunciated in the Buchanan case for refusing to allow the action to succeed. Summary What is clear from this analysis is that the potential penalties are significant when there is failure to submit a return, in addition to the interest. Less well known is the possibility of going back more than 20 years. What is clear is that although a claim by HMRC will fail against non-resident trustees outside the EU, things are changing in that increasingly in new tax treaties there is provision to recover taxes due in one country which arise in another county and the standard OECD treaty contains such a provision. Increasingly new treaties will contain this requirement, so one can expect it in the new Guernsey – UK treaty.
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O N AI R
TEAM TALK Tindle Radio’s Channel Island station director Mike Huston considers what makes a successful team.
As some of us enjoy the start of the new football season again (thank goodness, it has been a long wait) it got me thinking about the importance of teams and indeed teamwork. This season could be an interesting one for Chelsea. We never seem to be too far away from controversy or a large self-destruct button. The reason I say this for the coming season is that we have had a lot of change with people leaving the club and new people joining. For a team to become a winning team or successful one, there are just so many factors that need to be taken in to account. Simply assembling a group of brilliant
individuals is not usually enough to create a great team and that can be a disadvantage. At both Channel 103 and Island FM we have very small teams but key to our success is the attitude of our people. If people don't care or don't believe then we wouldn't be able to achieve anything and we certainly couldn't operate coherently and successfully as a working unit. Often when we are interviewing for new staff, we are looking for a certain skill set of course, but beyond that we are looking for something different, something that will enhance our team and improve it. Something we can add to our balance and dimension as a group. Sometimes I think teams are a little bit like families. They will fall out from time to time but they are united by
their common passion, and respect. As radio stations we are about to start our next ‘season’ which is the build up to Christmas. I apologise now for using the C word but this week we have already had several conversations about it at work and we have also managed to book our Christmas parties! Like many businesses the next few months are important trading months (the reality is they all are) but it is a time where we need the very best team on the pitch and we need to display the very best teamwork. I am happy with the teams I have as we enter the next few months, certainly at the radio stations, and only time will tell if the same can be said for Chelsea!
At both Channel 103 and Island FM we have very small teams but key to our success is the attitude of our people. If people don't care or don't believe then we wouldn't be able to achieve anything and we certainly couldn't operate coherently and successfully as a working unit
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